LIBRARY  OF  THE 

UNIVERSITY  OF  ILLINOIS 

AT  URBANA-CHAMPAIGN 

IN  MEMORY  OF 

STEWART  S.  HOWE 

JOURNALISM  CLASS  OF  1928 

STEWART  S.  HOWE  FOUNDATION 

332 .1 

H396h 


T  ^H  .  S  . 


THE   BANK'S   PRESENT   LOCATION 

CHAMBER   OF  COMMERCE   BUILDING 
SOUTHEAST  CORNER  LA  SALLE  AND  WASHINGTON  STREETS 


A  HISTORY 


OF  THE 


STATE  BANK  OF  CHICAGO 


FROM 


1879  TO  1904 


COMPILED  BY 

HENRY  S.  HENSCHEN 


CHICAGO 

THE  LAKESIDE  PRESS 
1905 


33-2.  / 


ISSUED    TO    COMMEMORATE 

THE  TWENTY-FIFTH  ANNIVERSARY 
OF  THE  BANK 

DECEMBER    EIGHTH,    NINETEEN    HUNDRED 
AND   FOUR 


CONTENTS 

PREFACE  -      9 

INTRODUCTORY      -  11 

CHAPTER  I 
"  HAUGAN  &  LINDGREN,  BANKERS,"  1879-1891        -     15 

CHAPTER  II 
"STATE  BANK  OF  CHICAGO"  1891-1900  -  22 

CHAPTER  III 

"STATE  BANK  OF  CHICAGO"  1900-1904  -    34 

CHAPTER  IV 

DIRECTORS  AND  OFFICERS  41 

CHAPTER  V 

THE  DEPARTMENTS  OF  THE  BANK    -  -    45 

CHAPTER  VI 

BIOGRAPHIES  53 

CHAPTER  VII 

SUNDRY  STATISTICS    -  -  -  -  -    80 


LIST  OF  ILLUSTRATIONS 

CHAMBER  OF  COMMERCE  BUILDING  —  THE  BANK'S 

PRESENT  LOCATION    -  -      Frontispiece 

57  AND  59  LA  SALLE  STREET  —  THE  BANK'S  FIRST 

LOCATION  -  14 
MARINE  BUILDING  —  THE  BANK'S  SECOND  LOCA- 
TION -  20 
OFFICERS  AND  EMPLOYEES,  1891  24 
INTERIOR  OF  OFFICES,  1893  -  -  28 
FORMER  DIRECTORS  40 
OTHER  OFFICERS,  1904  -  44 
VIEWS  IN  OFFICES,  1904  46 
FLOOR  PLAN  OF  PRESENT  OFFICES  -  -  50 
DIRECTORS,  1904  —  (I)  -  54 
JOHN  H.  DWIGHT  -  -  58 
H.  A.  HAUGAN  -  60 
H.  G.  HAUGAN  -  62 
JOHN  R.  LINDGREN  72 
DIRECTORS,  1904  —  (II)  -  -  -  -  78 


PREFACE 

The  purpose  of  this  little  volume  is  not  to 
advertise  the  institution  which  it  describes,  nor 
to  seek  to  attract  to  it  a  larger  share  of  business, 
but  only  to  preserve  for  founders,  shareholders, 
and  friends  some  of  the  facts  and  memories 
connected  with  an  institution  which  has  been 
accorded  a  measure  of  public  favor  larger  than 
that  to  which  its  projectors  looked  forward. 


INTRODUCTORY 

This  work  is  an  attempt  to  present  the  story 
of  a  banking  institution  which  commenced  its 
existence  on  a  small  scale  and  has  during  twenty- 
five  years  gradually  been  growing  in  size  and 
influence,  and  stands  to-day  among  the  large 
banks  in  America's  second  city.  It  is  not  one 
of  the  largest  institutions  of  its  kind  when  meas- 
ured by  the  side  of  the  giants  which  have  devel- 
oped during  the  last  decade,  and  yet  even  to-day, 
a  bank  with  fourteen  million  dollars  of  resources 
is  admittedly  one  of  the  financial  powers. 
Among  Chicago's  forty-six  banks  of  deposit, 
the  State  Bank  of  Chicago  stands  to-day  four- 
teenth in  gross  deposits,  while  in  the  matter 
of  savings  deposits  only  three  Chicago  banks 
surpass  it. 

The  history  of  the  bank  has  been  an  honor- 
able one,  and  is  a  record  of  uniform  and  unre- 
tarded  growth  —  thanks  to  the  conservatism  and 
sagacity  of  the  two  men  who  founded  and  have 
continuously  managed  the  business.  It  augurs 
well  for  the  future  of  the  bank  that  these  two 
men  are  still  in  their  prime,  and  that  in  the 
natural  course  of  events,  the  business  may  still 


INTRODUCTORY 


for  many  years  look  to  them  for  guidance  and  a 
wise  policy. 

The  marvelous  growth  and  prosperity  which 
our  country  has  enjoyed  during  the  last  decade 
have  opened  up  a  vista  which  seems  full  of 
promise.  Perhaps  in  no  other  branch  of  Ameri- 
can commerce  are  there  to-day  greater  possibili- 
ties than  in  the  business  of  banking,  and  with 
an  acknowledged  prestige  and  standing  in 
Chicago,  the  commercial  and  financial  center  of 
the  West,  it  would  seem  that  the  State  Bank  of 
Chicago  may  confidently  look  forward  to  con- 
tinued growth  and  success. 

In  describing  the  different  phases  of  the 
bank's  activity  as  they  exist  to-day,  the  author 
would  have  preferred  to  treat  the  bank  as  a  unit, 
lest  a  reference  to  its  different  departments  might 
create  an  impression  that  the  bank  is  not  one 
single  whole,  under  one  management.  As,  how- 
ever, the  successful  and  skilled  conduct  of  the 
now  generally  recognized  subdivisions  of  a 
modern  banking  business  have  made  necessary 
the  organization  of  departments  within  the  bank, 
each  with  its  own  staff  of  men  trained  specifically 
for  the  work  of  that  one  branch  of  the  business, 
these  departments  have  been  described  as  such, 
and  the  scope  and  purposes  of  each  have  been 
briefly  outlined. 

12 


INTRODUCTORY 


No  attempt  has  been  made  to  trace  the  his- 
tory of  banking  in  general,  nor  of  early  banking 
in  Chicago,  subjects  which  have  received  con- 
scientious and  able  treatment  in  other  works 


13 


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CHAPTER  I 

HAUGAN  &  LINDGREN,  BANKERS 
1879-1891 

On  December  8,  1879,  in  modest  quarters  at 
No.  57  and  No.  59  La  Salle  Street,  Chicago,  the 
firm  of  Haugan  &  Lindgren,  Bankers,  first 
opened  its  doors.  The  partners,  H.  A.  Haugan, 
a  native  of  Norway,  aged  32,  and  John  R. 
Lindgren,  a  Chicagoan  born  and  bred,  aged  24, 
enjoyed  a  large  acquaintance  among  the  Scan- 
dinavian residents  of  Chicago,  and  were  known 
as  business  men  of  ability  and  promise.  For 
some  time  Mr.  Haugan  and  Mr.  Lindgren  had 
been  impressed  with  the  idea  of  the  opportunities 
for  a  well-managed  bank  which  would  enjoy  the 
confidence  and  receive  the  patronage  of  the  ever- 
increasing  Scandinavian  element  of  Chicago  and 
its  environs.  On  this  foundation  they  hoped  to 
establish  a  business  which  might  in  time  grow 
large  enough  to  attract  the  deposits  of  all  nation- 
alities. Disregarding  therefore  the  prophecies 
of  well-meaning  friends,  who  pointed  to  the  fail- 
ures of  others  in  similar  attempts,  they  can- 
vassed the  situation  with  care,  and  then  with  the 
confidence  and  high  hopes  of  youth  hung  out 
their  sign  and  prepared  to  welcome  depositors. 

15 


STATE  BANK  OF  CHICAGO 


We  have  heard  in  later  years  of  Chicago  banks 
which  at  the  end  of  their  first  day's  business  have 
counted  four  and  one-half  million  dollars  of  de- 
posits. Such  was  not  the  custom  in  1879,  and 
the  number  of  banks  in  the  city  which  enjoyed 
total  deposits  of  so  large  an  amount  was  small 
indeed.  The  aggregate  of  deposits  made  on  the 
first  day  by  the  new  bank's  customers  was  not 
large  enough  to  deserve  mention,  and  for  many 
months  the  total  deposits  remained  low. 

The  new  firm  in  addition  to  conducting  a 
banking  business,  bought  and  sold  steamship 
tickets  and  was  soon  doing  a  profitable  business 
in  this  line.  The  bank's  clearing-house  agent 
was  the  Illinois  Trust  &  Savings  Bank.  The 
partners  themselves  acted  as  tellers,  bookkeepers, 
and  clerks  until  the  business  warranted  the  em- 
ployment of  additional  help,  when  S.  J.  Jones, 
who  remains  in  the  bank's  employ  to-day  as 
paying  teller,  was  engaged  as  messenger  and 
general  assistant. 

The  anticipated  business  with  Scandinavian 
residents  of  Chicago  was  at  first  slow  in  coming, 
as  the  disastrous  endings  of  two  former  similar 
banks  were  still  fresh  in  mind.  Gradually, 
however,  the  substantial  character  of  the  new 
institution  made  itself  felt  among  the  partners' 
immediate  acquaintances,  and  little  by  little  the 

16 


STATE  BANK  OF  CHICAGO 


bank's  line  of  deposits  increased  and  its  counting- 
room  saw  daily  new  customers. 

At  the  end  of  one  year's  business  the  deposits 
of  the  new  bank  were  $33,860,  and  at  the  close 
of  the  second  year  $66,597.  The  venture  was 
proving  a  success  and  the  young  partners  who  at 
first  hesitated  to  call  their  institution  a  bank, 
now  no  longer  had  such  scruples.  Instead  they 
were  contemplating  the  renting  of  larger  quarters 
for  their  growing  business,  and  these  they  found 
in  the  Marine  Building  at  the  northeast  corner 
of  La  Salle  and  Lake  streets,  a  location  which, 
with  enlargement,  remained  the  bank's  home 
from  May  1,  1883,  to  May  1,  1897. 

On  October  1,  1884,  Haugan  &  Lindgren, 
Bankers,  published  the  following  announce- 
ment: 

HAUGAN   &  LINDGREN 

BANKERS 

Established  1879  CHICAGO 

We  take  pleasure  in  announcing  that  on  Octo- 
ber 1st,  '84,  we  admitted  into  partnership 

MB.  H.  G.  HAUGAN,  or  MILWAUKEE, 
Land  Commissioner  of  the  Chicago,   Milwaukee    & 
St.    Paul    Railway    Company,    and    increased    our 
capital  to  $100,000.00 

The  name  of  our  firm  will  remain  the  same,  and 
we  shall,  as  heretofore,  continue  to  transact  a  general 
banking  business.  H.  A.  HAUGAN. 

J.  R.  LINDGREN. 
17 


STATE  BANK  OF  CHICAGO 


The  admission  of  Mr.  H.  G.  Haugan,  an  older 
brother  of  H.  A.  Haugan,  and  himself  a  former 
bank  official,  greatly  strengthened  the  firm's 
position  on  account  of  the  new  partner's  large 
acquaintance  among  leading  business  men  in  the 
Northwestern  states,  through  which  he  constantly 
passed  in  connection  with  the  land  business  of 
the  Chicago,  Milwaukee  &  St.  Paul  Railroad. 

Mr.  H.  G.  Haugan  did  not  give  up  his  home 
in  Milwaukee,  nor  his  official  connection  with 
the  railroad,  and  did  not,  therefore,  actively 
participate  in  the  management  of  the  bank,  but 
no  small  share  of  its  business  and  success  are 
directly  due  to  his  unremitting  toil  for  the  bank 
and  interest  in  its  welfare,  both  while  it  retained 
its  partnership  form,  and  since  its  incorporation. 
Many  of  the  substantial  accounts  on  the  books 
of  the  bank  to-day  were  obtained  for  it  by  the 
efforts  of  H.  G.  Haugan,  and  his  wise  counsel 
and  continued  interest  have  always  been  of 
the  greatest  value  to  the  founders  of  the  bank. 
A  resident  of  Chicago  since  1901,  and  one  of  the 
three  largest  shareholders  in  the  State  Bank  of 
Chicago,  he  still  retains  his  personal  interest  in 
all  matters  pertaining  to  the  business. 

With  this  new  connection  and  its  increased 
capital,  and  with  the  prestige  and  confidence 
earned  by  five  years  of  successful  business,  the 

18 


STATE  BANK  OF  CHICAGO 


bank  continued  in  growth  and  influence,  and  its 
total  deposits,  which  in  1883  were  $89,000,  had 
grown  to  $242,510  in  1885,  and  $346,551  in  1887. 
Gradually  it  was  acquiring  additional  business 
among  non-Scandinavians  and  also  extending 
its  clientage  among  the  Swedish,  Norwegian, 
and  Danish  population  of  Chicago  and  the 
Northwest,  and  these  nationalities  soon  began 
to  look  upon  Haugan  &  Lindgren's  Bank  as 
an  institution  which  they  had  fostered,  one 
eminently  worthy  of  their  confidence,  and  repre- 
senting, in  a  sense,  their  own  financial  stability. 

In  return  the  bank,  having  attracted  to  itself 
the  savings  of  the  people,  and  in  a  growing  de- 
gree the  respect  and  confidence  of  an  ever- 
widening  circle  of  depositors,  felt  itself  charged 
with  a  sacred  duty  to  administer  its  business  as 
a  trustee  for  those  who  left  their  financial  affairs 
in  its  care.  "There  is  to-day  no  greater  illustra- 
tion of  faith  and  confidence  among  men,"  says 
Senator  Albert  J.  Beveridge,  "than  the  relation 
existing  between  depositors  and  a  bank."  Bear- 
ing such  principles  in  mind,  and  with  an  innate 
fear  of  every  tendency  in  conflict  with  the  most 
conservative  banking,  Haugan  &  Lindgren  saw 
their  business  expand  until  theirs  was  in  1890 
one  of  the  leading  private  banks  in  Chicago. 

On  January  2,   1891,  in  order  to  fully  ac- 

19 


STATE  BANK  OF  CHICAGO 


quaint  their  depositors  and  the  public  with  their 
condition,  and  in  view  of  the  uneasy  feeling 
caused  in  Chicago  by  the  failure  of  S.  A.  Kean 
&  Company's  Bank  and  several  other  private 
banking  houses,  Haugan  &  Lindgren  issued 
their  first  published  statement  of  assets  and 
liabilities,  to  which  was  appended  this  certificate 
by  National  Bank  Examiner,  James  D.  Sturges : 
"I  have  this  day  made  an  examination  of  the 
books  and  accounts  of  Haugan  &  Lingdren  and 
find  them  to  correspond  with  the  above  state- 
ment. I  find  the  *  cash  on  hand'  correct.  The 
general  character  of  the  *  loans  and  discounts' 
appears  excellent.  Amount  due  from  banks 
and  bankers  correct,  the  greater  portion  verified 
by  statements  from  such  banks.  These  banks 
are  in  high  credit  and  standing.  General  busi- 
ness of  the  firm  appears  to  be  in  excellent  con- 
dition and  order,  and  assets  legitimate." 

This  statement,  a  copy  of  which  appears  on 
page  86,  showed  deposits  of  $831,747  and  total 
assets  of  $1,034,541,  and  was  received  with  sat- 
isfaction by  all  depositors  and  friends  of  the  bank. 
It  showed  the  firm  now  in  possession  of  a  cash 
capital  of  $200,000. 

At  the  time  of  publishing  this  statement,  the 
members  of  the  firm  were  already  occupied  with 
the  plan  of  enlarging  the  scope  of  their  business 

20 


STATE  BANK  OF  CHICAGO 


and  placing  it  on  a  more  enduring  basis  by  form- 
ing a  corporation  to  succeed  the  firm  of  Haugan 
&  Lindgren  and  take  over  its  business. 

Their  original  plan  was  to  organize  for  this 
purpose  "The  Northern  National  Bank,"  and 
in  the  summer  of  1890  this  plan  had  proceeded 
so  far  that  a  part  of  the  proposed  bank's  station- 
ery had  been  printed  and  delivered.  The  many 
advantages  of  a  state  charter  to  a  bank  doing  a 
savings  bank  business,  became  however  so  appar- 
ent to  the  members  of  the  firm  and  to  the  business 
men  who  wished  to  purchase  an  interest  in  the 
incorporated  bank,  that  the  idea  of  a  national 
bank  was  finally  abandoned,  and  in  its  place  a 
charter  for  the  "  State  Bank  of  Chicago, "  with 
a  paid-in  capital  of  $500,000,  was  applied  for 
early  in  the  year  1891. 

This  charter  was  duly  granted,  all  the  offered 
shares  subscribed  for  with  alacrity  by  depositors 
and  friends  of  the  firm,  and  on  the  appointed 
date,  the  firm  of  Haugan  &  Lindgren,  Bankers, 
after  an  honorable  career  of  more  than  eleven 
years,  transferred  its  business  to  its  successor. 


CHAPTER  II 
STATE  BANK  OF  CHICAGO 

1891-1900 

Among  those  chiefly  interested  with  H.  A. 
Haugan,  John  R.  Lindgren,  and  H.  G.  Haugan 
in  forming  the  State  Bank  of  Chicago  were  John 
H.  Dwight,  of  the  Board  of  Trade  firm  of  Linn 
&  Dwight;  Thomas  Murdoch,  of  the  wholesale 
grocery  house  of  Reid,  Murdoch  &  Company; 
Henry  C.  Durand,  of  H.  C.  &  C.  Durand,  the 
wholesale  grocery  house;  J.  M.  Larimer,  the 
Chicago  manager  of  Jones  &  Laughlins,  Ltd., 
the  Pittsburg  steel  and  iron  manufacturers; 
Charles  L.  Hutchinson,  president  of  the  Corn 
Exchange  Bank;  C.  Jevne,  of  C.  Jevne  &  Com- 
pany, grocers;  Theodore  Freeman,  grocer;  P.  S. 
Peterson,  the  well-known  nurseryman;  R.  S. 
Cox,  capitalist;  A.  Jurgens,  western  agent  of  the 
American  Steamship  Line;  Hemy  M.  Hooker, 
of  H.  M.  Hooker  Company ;  and  A.  P.  Johnson, 
president  of  the  Johnson  Chair  Company. 

As  the  first  Board  of  Directors  of  the  State 
Bank  of  Chicago,  which  commenced  business 
under  its  new  charter  on  February  10,  1891,  the 
stockholders  elected: 

22 


STATE  BANK  OF  CHICAGO 


HENRY  C.  DURAND  A.  P.  JOHNSON 

JOHN  H.  DWIGHT  A.  JURGENS 

THEODORE  FREEMAN  J.  M.  LARIMER 

H.  A.  HAUGAN  JOHN  R.  LINDGREN 

CHARLES  L.  HUTCHINSON       THOMAS  MURDOCH 
P.  S.  PETERSON 

At  their  first  meeting  the  directors  elected  H. 
A.  Haugan,  President;  John  H.  Dwight,  Vice- 
President ;  and  John  R.  Lindgren,  Cashier.  The 
executive  management  rested  with  Messrs.  Hau- 
gan and  Lindgren,  Mr.  Dwight  remaining  in  his 
own  business  and  taking  no  part  in  the  manage- 
ment of  the  bank  except  as  a  director. 

By  its  incorporation  the  bank  gained  the  ac- 
tive support  and  influence  of  a  most  representa- 
tive board  of  directors  and  body  of  shareholders, 
and  an  impetus  which  has  ever  continued  in  an 
increasing  ratio  to  work  for  the  advancement  of 
the  bank  and  its  strengthening  in  the  confidence 
of  the  people  of  the  western  metropolis.  The 
bank's  capital  of  $500,000  was  divided  into  5,000 
shares  of  $100  each,  and  its  list  of  stockholders 
contained  the  following  names: 

ANDERSON,  WILLIAM  CRAGIN,  H.  B. 

BORGMEIER,  ADOLPH  CROCKER,  J.  T. 

BUTTERFIELD,  R.  DlCKEY  &  BAKER 

CHYTRAUS,  AXEL  DURAND,  CALVIN 

Cox,  R.  S.  DURAND,  HENRY  C. 

23 


STATE  BANK  OF  CHICAGO 


DWIGHT,  JOHN  H. 
FREEMAN,  THEODORE 
HAMMOND,  CHARLES  L. 
HAUGAN,  H.  A. 
HAUGAN,  H.  G. 
HOEGH,  KNUT, 

Minneapolis,  Minn. 
HOOKER,  HENRY  M. 
HUTCHINSON,  CHARLES  L. 
JANES,  JOHN  J. 
JEVNE,  C.,  &  Co. 
JOHNSON,  A.  P. 
JOHNSON,  NELS 


LINDGREN,  JOHN  R. 
LOESCH,  FRANK  J. 
MITCHELL,  JOHN  J. 
MOORE,  JAMES  H. 
MOUNTAIN,  JOHN 
MURDOCH,  THOMAS 
NUNNEMACHER,  RUDOLPH, 

Milwaukee,  Wis. 
PETERSON,  P.  S. 
REID,  SIMON 
REID,  W.  H. 
ROOD,  JAMES 


ROOD,  JAMES,  JR. 
JONES,  B.  F.,  Pittsburg,  Pa.    SULLIVAN,  THOMAS  E. 

JURGENS,  A.  SVANOE,  PETER 

LARIMER,  J.  M.  VAUGHAN,  JOHN  C. 

LAUGHLIN,  GEORGE  M.,       WIGHTMAN,  B. 
Pittsburg,  Pa. 

The  minutes  of  the  Board  of  Directors  show 
that  at  one  of  their  earliest  meetings,  on  March 
3,  1891,  a  resolution  was  adopted  that  all  em- 
ployees of  the  bank  should  be  required  to  furnish 
fidelity  bonds  issued  by  a  responsible  surety 
company,  a  resolution  which  was  promptly  carried 
into  effect  and  has  ever  since  been  uniformly 
adhered  to. 

At  its  incorporation  the  bank  occupied 
quarters  in  the  Marine  Building,  its  second  home, 
and  its  staff  consisted  of  the  two  active  officers 

24 


STATE  BANK  OF  CHICAGO 


and  eleven  assistants,  all  of  whom  with  Mr.  H. 
G.  Haugan,  appear  on  the  photograph  taken  at 
the  time,  and  reproduced  opposite  page  24. 

The  anticipated  increase  of  business  due  to 
the  bank's  incorporation  and  the  new  interests 
attracted  by  it  was  more  than  realized,  and  in  the 
months  of  February  and  March,  1891,  scores  of 
new  accounts  were  opened,  many  of  them  of  a 
size  hitherto  unknown  to  the  private  banking 
house.  A  distinct  gain  in  deposits  and  assets 
over  the  preceding  statement  of  December  31, 
1890,  was  shown  by  the  new  institution's  first 
statement  published  in  response  to  the  call  of  the 
Auditor  of  Public  Accounts  of  Illinois,  and  dated 
March  12,  1891. 

RESOURCES 

Loans  and  discounts  $1,070,336.32 

Overdrafts ^  765.82 

Furniture  and  fixtures 5,000.00 

Cash  and  due  from  banks    515,304.36 


$1,591,406.50 

LIABILITIES 

Capital  Stock $500,000.00 

Undivided  profits .  2,749.50 

Deposits    1,088,657.00 

$1,591,406.50 

A   still    better    showing    was    made    at    the 
succeeding  call  of   June    1,    1891,  when   total 

25 


STATE  BANK  OF  CHICAGO 


deposits     were    $1,351,875,    and     total    assets 
$1,874,703. 

The  panic  of  1893  swept  over  the  country 
while  the  never-to-be-forgotten  World's  Colum- 
bian Exposition  was  in  progress  in  Chicago.  On 
February  20  the  Reading  Railway  had  gone  into 
the  hands  of  a  receiver.  In  April  a  prominent 
New  York  bank  manager  reported  that  Western 
and  Southern  bankers  were  improving  their 
home  reserves  by  checking  against  their  New 
York  balances.  Runs  on  banks  in  various 
quarters  were  reported.  Toward  the  end  of 
April  a  rumor  arose  that  the  Secretary  of  the 
Treasury  might  redeem  the  paper  money  in  silver 
instead  of  gold  coin,  and  an  incredible  storm  of 
protest  arose.  The  Secretary  issued  a  statement 
in  denial  which  was  followed  by  a  stronger  state- 
ment by  President  Cleveland  rebuking  the  public 
for  crediting  such  rumors.  On  May  9,  the  Chem- 
ical National  Bank  of  Chicago  failed,  and  two 
days  afterward  the  Columbia  National  Bank, 
also  of  Chicago.  The  latter  was  the  center  of  a 
group  of  country  banks  scattered  about  in  the 
states  of  Indiana,  Illinois,  and  Ohio,  and  one 
after  another  these  banks  went  down.  Runs 
became  more  serious,  and  at  the  end  of  May  the 
National  Bank  of  Deposit  failed  in  New  York 
City.  In  June  the  New  York  Clearing  House 


STATE  BANK  OF  CHICAGO 


provided  for  the  issue  of  loan  certificates.  The 
week  beginning  July  24  was  signalized  by  the 
failure  of  the  Erie  Railway  and  an  important 
bank  in  Milwaukee. 

The  general  alarm  culminated  in  Chicago  in 
runs  on  all  savings  banks,  both  large  and  small, 
strong  and  weak,  and  these  runs  were  most  severe 
on  June  5,  6,  and  7,  1893,  when  long  lines  of  anx- 
ious savings  depositors  stood  before  the  doors  of 
all  savings  banks,  including  the  State  Bank  of 
Chicago,  as  early  as  eight  o'clock  in  the  morning, 
remaining  in  some  cases  until  after  midnight. 
For  three  days  the  bank's  savings  teller  paid  out 
gold  uninterruptedly  to  long  lines  of  timid  de- 
positors stretching  through  the  office,  down  the 
stairways,  and  some  distance  on  the  street.  When 
the  run  was  over  the  bank  had  paid  out  several 
hundred  thousand  dollars  in  gold  and  had  en- 
dured a  test  which,  while  severe  and  full  of 
menace,  in  nowise  affected  the  solvency  of  the 
bank.  One  week  later  confidence  was  restored 
and  the  stream  of  gold  flowed  back  into  the  bank's 
coffers.  The  run  was  broken  and  faith  in  the 
bank  more  firmly  established  than  before. 

On  January  1,  1894,  by  unanimous  action  of 
all  Chicago  savings  banks,  the  interest  allowed 
on  savings  deposits  was  reduced  from  4  per  cent 
to  3  per  cent,  the  latter  rate  being  still  in  force 

27 


STATE  BANK  OF  CHICAGO 


eleven  years  later.  This  reduction  in  interest 
proved  timely  in  view  of  the  unsatisfactory  con- 
dition of  general  business  during  the  ensuing 
three  years,  making  it  necessary  and  commend- 
able that  all  banks  doing  a  savings  bank  business 
should  strengthen  their  surplus  accounts.  The 
gradual  decline  in  loaning  rates  has  also  made 
impracticable  the  continuance  in  Chicago  of  a 
4  per  cent  rate  on  savings  deposits. 

At  their  meeting  on  December  5,  1893,  the 
Board  of  Directors,  who  for  about  one  year  had 
been  discussing  the  advisability  of  creating  a 
Trust  Department  in  the  bank,  passed  a  resolu- 
tion that  the  bank  qualify  as  a  Trust  Company 
under  the  laws  of  Illinois  and  make  the  necessary 
deposit  with  the  State  Auditor  of  $200,000  in 
approved  securities.  This  resolution  was  at 
once  carried  into  effect,  and  in  January,  1894, 
the  Trust  Department  of  the  bank  commenced 
business,  one  of  the  pioneers  of  its  kind  in 
Chicago. 

The  years  from  1893  to  1897  were  years  of 
financial  depression  and  the  growth  of  the  bank 
was  almost  at  a  standstill  although  business  con- 
tinued normal  and  regular  dividends  of  six  per 
cent  per  annum  were  paid  every  quarter  with 
unfailing  regularity.  Total  deposits,  which  on 
December  31,  1892,  were  $2,111,783,  were  but 

28 


STATE  BANK  OF  CHICAGO 


$2,040,806  on  December  31,  1894,  and  had  risen 
only  to  $2,227,751  on  December  31,  1896.  The 
whole  country  was  suffering  from  a  period  of  re- 
action, and  in  Chicago  took  place  the  largest 
national  bank  failure  on  record,  that  of  the 
National  Bank  of  Illinois. 

Brighter  times  came,  however,  early  in  1897, 
with  the  inauguration  of  William  McKinley, 
most  appropriately  named  "the  advance  agent 
of  prosperity."  With  these  more  auspicious 
times  came  also  an  opportunity  which  gave  the 
State  Bank  of  Chicago  a  second  impetus,  com- 
parable only  to  that  gained  by  its  incorporation 
in  1891.  This  was  its  change  of  location  to  what 
is  admittedly  one  of  the  most  desirable  and  valu- 
able banking  corners  in  Chicago. 

For  several  years  prior  to  1897,  the  quarters 
in  the  Marine  Building  on  Lake  Street  had  been 
less  desirable  than  a  decade  earlier,  as  the  char- 
acter of  the  street  had  changed  and  financial 
institutions  were  gradually  moving  farther  south- 
ward on  La  Salle  Street. 

The  completion  of  the  Lake  Street  Elevated 
Railroad  in  1896  was  also  a  detriment  to  the  bank, 
and  its  directors  were  casting  about  for  a  more 
desirable  location,  when  early  in  1897  they  were 
offered  the  unexpired  lease  and  all  fixtures  of 
the  Northern  Trust  Company  in  the  monumental 

29 


STATE  BANK  OF  CHICAGO 


and  thoroughly  modern  Chamber  of  Commerce 
Building  on  the  southeast  corner  of  La  Salle  and 
Washington  streets.  These  quarters  were  about 
to  become  vacant  by  reason  of  the  Northern 
Trust  Company's  removal  to  the  offices  occupied 
prior  to  this  time  by  the  Illinois  Trust  &  Savings 
Bank,  which  moved  into  its  own  palatial  building 
on  May  1,  1897. 

This  opportunity  to  obtain  a  new  and  spa- 
cious location,  ample  for  the  needs  of  the  business 
for  years  to  come,  was  quickly  embraced  by  the 
directors,  even  though  their  action  meant  a 
largely  increased  expense  for  rent  and  the  aban- 
donment of  their  lease  in  the  Marine  Building, 
which  had  not  yet  expired. 

On  Saturday,  April  30,  1897,  the  books  and 
assets  of  the  bank  were  transferred  two  blocks 
south  into  the  Chamber  of  Commerce  Building, 
where  on  Monday,  May  2,  the  bank  was  ready 
in  new  quarters  to  welcome  its  depositors. 

At  this  time  the  bank's  assets  and  liabilities, 
as  shown  by  its  published  report  of  February  13, 
1897,  were: 

RESOURCES 

Loans  and  discounts ". $1,843,922.59 

Overdrafts 179.69 

Bonds 500.00 

Cash  and  due  from  banks    1,150,070.79 

$2,994,673.07 
30 


STATE  BANK  OF  CHICAGO 


LIABILITIES 

Capital  Stock $500,000.00 

Surplus    200,000.00 

Undivided  profits 33,284.54 

Dividends  unpaid    7.50 

Deposits    2,261,381.03 

$2,994,673.07 

On  April  27,  1897,  the  directors  passed  the 
following  resolutions: 

"  Resolved,  That  the  capital  stock  of  the  State 
Bank  of  Chicago  be  and  the  same  is  hereby  in- 
creased from  five  hundred  thousand  dollars  to 
one  million  dollars." 

The  purpose  of  this  authorized  doubling  of 
the  bank's  capital  was  to  provide  for  anticipated 
new  business  whenever  such  new  business  would 
make  a  greater  capital  than  $500,000  seem  neces- 
sary. More  than  two  years  elapsed  before  the 
Board  of  Directors  deemed  this  time  to  have 
arrived,  but  on  November  21,  1899,  they  passed 
these  resolutions: 

"Resolved,  That  notice  be  given  to  each  of 
the  stockholders  of  this  bank  of  the  increase  of 
its  capital  stock  from  five  hundred  thousand 
dollars  to  one  million  dollars  and  of  their  privi- 
lege to  subscribe  for  an  amount  of  the  new 
capital  stock  equal  to  their  present  holdings  at 

31 


STATE  BANK  OF  CHICAGO 


par  provided  such  privilege  is  exercised  by  them 
on  or  before  the  second  day  of  January,  1900," 
and 

"Resolved,  That  a  dividend  of  forty  per  cent 
be  paid  from  the  surplus  account  on  January  2, 
1900,  to  all  stockholders  of  record  on  Decem- 
ber 31,  1899." 

The  bank's  condition  at  this  time  is  shown  by 
the  published  statement  of  December  4,  1899: 

RESOURCES 

Loans  and  discounts  $3,785,175.32 

Overdrafts 641.70 

Bonds    412,056.54 

Cash  and  due  from  banks    .  1,331,877.77 


$5,529,751.33 

LIABILITIES 

Capital  Stock $500,000.00 

Surplus    200,000.00 

Undivided  profits 133,333.24 

Dividends  unpaid    15.00 

Deposits    4,696,403.09 

$5,529,751.33 

Thus  the  deposits  of  the  State  Bank  of  Chicago 
had  grown  from  $2,261,381  on  FebruarylS,  1897, 
to  $4,696,403  on  December  4,  1899,  a  net  in- 
crease of  $2,435,022,  or  108  per  cent,  a  gain  due 
in  a  large  measure  to  the  change  in  location,  but 


STATE  BANK  OF  CHICAGO 


partly  also  to  be  attributed  to  the  growth  of 
Chicago  and  to  the  unusual  prosperity  now  ex- 
isting throughout  all  the  land.  This  increase 
and  subsequent  events  have  amply  demonstrated 
how  valuable  to  the  business  of  the  bank  was  its 
action  in  removing  to  the  Chamber  of  Com- 
merce Building. 

On  March  2,  1897,  the  Board  of  Directors 
voted  that  a  discount  committee  of  two  directors, 
to  be  appointed  quarterly,  be  created  for  the 
purpose  of  advising  with  the  President  and 
Cashier  in  regard  to  the  bank's  loans  and  dis- 
counts, this  committee  to  meet  once  each  week 
to  pass  on  all  maturing  paper  and  to  examine 
all  loans  made  during  the  preceding  week.  This 
discount  committee,  together  with  the  committee 
of  directors  appointed  periodically  to  examine 
the  books  and  assets  of  the  bank,  have  enabled 
the  Board  of  Directors  to  keep  in  close  touch 
with  the  bank's  every  detail  —  a  most  desirable 
and  essential  plan  if  the  true  functions  of  a  Board 
of  Directors  are  to  be  observed.  Since  the  in- 
ception of  the  State  Bank  of  Chicago,  it  has  con- 
sistently stood  for  the  principle  that  its  directors 
shall  be  in  close  and  constant  touch  with  the 
operations  of  the  bank. 


33 


CHAPTER  III 
STATE  BANK  OF  CHICAGO 

1900-1904 

On  January  2,  1900,  the  paid-in  capital  of  the 
State  Bank  of  Chicago  was  raised  from  $500,000 
to  $1,000,000,  and  on  the  same  day  a  cash  divi- 
dend of  40  per  cent  of  the  old  capitalization,  or 
$200,000,  was  distributed  among  the  bank's 
stockholders.  Dividends  at  the  rate  of  6  per 
cent  per  annum  had  been  continuously  paid 
since  the  bank's  incorporation  in  1891,  an 
aggregate  of  $270,000,  making  with  the  above 
extra  dividend  of  40  per  cent  a  total  of  $470,000 
in  dividends  paid  to  shareholders  under  the  old 
capitalization  of  $500,000.  During  the  years 
1900,  1901,  1902,  1903,  and  1904  dividends  were 
continued  at  the  rate  of  6  per  cent  on  the  new 
capitalization  of  $1,000,000,  and  these  dividends 
aggregating  $300,000,  when  added  to  former 
dividends  paid  make  a  grand  total  of  $770,000 
paid  by  the  State  Bank  of  Chicago  to  its  share- 
holders from  earnings  since  February  10,  1891. 
To  these  earnings  distributed  should  be  added 
the  surplus  and  undivided  profits  on  hand,  which 
on  December  8,  1904,  were  $556,000,  the  total 

34 


STATE  BANK  OF  CHICAGO 


of  which  when  added  to  $770,000,  dividends  dis- 
tributed, show  net  earnings  of  the  bank  since  its 
incorporation  to  be  $1,326,000. 

So  large  and  stable  an  earning  capacity  and 
the  bank's  excellent  prospects  of  continued 
growth  have  been  reflected  in  the  market  price 
of  the  bank's  shares,  seldom  however  offered  for 
sale  by  their  holders.  In  1899,  prior  to  the 
doubling  of  the  bank's  capital  stock,  $210  was 
bid  for  each  share  of  $100,  and  later,  in  1902, 
buyers  paid  as  much  as  $260  a  share. 

No  period  in  the  bank's  history  has  marked 
such  great  progress  as  the  years  from  1900  to 
1904  —  a  period  of  great  national  prosperity  and 
of  true  growth,  little  affected  by  long-continued 
liquidation  in  the  securities  market.  All  de- 
partments of  the  bank's  business,  and  especially 
savings  deposits,  have  shown  marked  progress 
and  the  increase  of  total  deposits  is  best  shown 
by  the  following  table: 

TOTAL   DEPOSITS 

January  1,  1901 $7,096,286 

July         1,  1901 8,154,379 

January  1,  1902 9,255,546 

July         1,  1902 9,779,967 

January  1,  1903 10,385,799 

July         1,  1903 11,062,552 

January  1,  1904 11,265,091 

July         1,  1904 11,827,800 

January  1,  1905 12,838,995 

35 


STATE  BANK  OF  CHICAGO 


To  care  for  this  volume  of  business  the  bank 
had,  on  December  8, 1904,  a  staff  of  seven  officers 
and  sixty-two  employees.  Its  number  of  direc- 
tors remains  eleven,  of  whom  six  have  been 
directors  of  the  bank  since  its  incorporation  in 
1891. 

The  quarters  on  the  ground  floor  of  the 
Chamber  of  Commerce  Building,  which  when 
first  occupied  in  1897  seemed  ample  for  many 
years  to  come,  had  become  too  small  after  four 
years,  requiring  the  leasing  in  May,  1901,  of 
additional  offices  across  the  rotunda  on  the  same 
floor.  In  May,  1903,  the  bank  practically 
doubled  its  office  space  by  adding  to  it  the  large 
banking  offices  for  many  years  occupied  by 
A.  O.  Slaughter  &  Company,  and  also  took  over 
several  smaller  offices  adjoining  these.  Since 
May,  1903,  the  bank  has  occupied  nearly  the 
entire  ground  floor  of  the  Chamber  of  Commerce 
Building,  and  has  a  street  frontage  of  one-half 
block  on  La  Salle  Street  alone.  A  plan  of 
the  bank's  present  offices  is  given  opposite  page 
50. 

On  June  12,  1902,  the  State  Bank  of  Chicago 
became  a  member  of  the  Chicago  Clearing  House, 
an  association  of  the  city's  leading  banks  for 
mutual  protection  in  times  of  financial  stress 
and  the  organization  which  establishes  rules  for 

36 


STATE  BANK  OF  CHICAGO 


the  Chicago  banks  in  matters  of  common  inter- 
est, on  lines  analogous  to  those  followed  by  the 
New  York  Clearing  House. 

The  following  quotation  from  the  Chicago 
Tribune  of  October  9,  1904,  is  interesting  as 
reflecting  the  present  standing  of  Chicago  as  a 
financial  center,  as  well  as  the  position  now  oc- 
cupied in  Chicago  by  banks  incorporated  under 
the  Illinois  laws: 

"With  the  inflow  of  wealth  to  Chicago  its 
financial  institutions  have  shown  great  increase 
of  prestige.  Its  banks  have  been  so  adminis- 
tered that  it  is  a  simple  fact  to  state  that  no  city 
of  considerable  size  in  the  country  is  in  such 
sound  financial  condition  as  Chicago.  Follow- 
ing the  troubles  of  1894,  1895,  and  1896,  when 
the  height  of  the  general  business  depression 
was  on,  Chicago  banking  interests  put  their 
house  in  order,  and  from  that  date  they  have  not 
departed  from  the  most  strict  methods  of  em- 
ploying the  funds  intrusted  to  their  care. 

"In  the  fall  of  1902,  when  New  York  City 
was  nervous,  and  in  the  following  year,  when 
Pittsburg  was  a  storm  center,  when  Baltimore 
did  not  escape  bank  failures,  when  New  Orleans 
had  overspeculated  in  cotton,  and  when  St. 
Louis  had  its  temporary  troubles,  Chicago  banks 
were  serene,  and  were  pointed  to  with  pardon- 

37 


STATE  BANK  OF  CHICAGO 


able  pride  by  their  managers,  by  New  York,  and 
even  by  observers  in  Europe. 

"Altogether  there  are  about  forty-six  banks 
in  the  city,  of  which  fifteen  are  national.  The 
growth  of  the  national  institutions  has  not  been 
as  rapid  as  that  of  the  state  banks.  In  eight 
years  the  expansion  has  been  generally  under 
state  charters.  Meantime  national  institutions 
have  consolidated.  Their  number  has  decreased 
while  the  state  institutions  have  multiplied. 

"In  eight  years  national  bank  deposits  have 
increased  only  169  per  cent,  as  against  309  per 
cent  by  state  banks.  In  the  last  year  the  ex- 
pansion has  taken  the  form  of  small  institutions 
of  the  $200,000  capital  class.  There  has  been 
a  reaching  out  for  savings  deposits,  and,  as  all 
the  institutions  organized  have  prospered,  the 
wealth  of  the  small  savers  must  have  likewise 
increased." 

We  also  quote  from  Chicago's  authoritative 
financial  weekly,  "The  Economist,"  of  Decem- 
ber 10,  1904: 

"Attention  was  called  last  month  to  the  rapid 
increase  in  the  deposits  of  the  banks  of  Chicago. 
Statements  were  called  for  November  10,  1904, 
and  it  was  found  that  the  total  of  deposits  was 
$596,658,652.  It  was  thought  last  July,  when 
the  deposits  had  reached  $552,000,000,  that  the 

38 


STATE  BANK  OF  CHICAGO 


banks  were  getting  along  pretty  well,  as  this 
compared  with  a  total  of  $130,000,000  in  1890. 
"The  Economist"  has  been  in  the  habit  from 
time  to  time  of  comparing  Chicago  deposits  with 
the  deposits  of  the  New  York  Clearing  House 
banks,  and  last  summer  it  was  found  that  the 
New  York  total  was  almost  exactly  twice  the 
Chicago  total.  The  statement  of  last  month 
reduces  this  to  1.97,  although  the  deposits  in 
New  York  were  nearly  at  their  highest  level. 
From  1890  to  1897  the  deposits  of  New  York 
ranged  from  2.2  to  2.8  times  those  of  Chicago. 
It  will  be  seen,  therefore,  that  in  respect  to 
deposits  in  the  banks  this  city  is  going  ahead 
even  a  little  faster  than  New  York,  in  spite  of 
the  tremendous  activity  in  the  seaboard  city  the 
past  few  years.  Better  than  that  is  the  evidence 
that  our  banking  institutions  are  all  free  from 
any  suspicion  of  financial  weakness.  It  costs  to 
get  business  in  these  days,  but  our  bankers  have 
not  allowed  the  expense  to  go  beyond  the  safety 
point." 

On  December  8,  1904,  to  commemorate  the 
twenty-fifth  anniversary  of  the  founding  of  the 
bank,  the  Board  of  Directors  gave  a  banquet  at 
the  Grand  Pacific  Hotel  in  honor  of  Mr.  Haugan 
and  Mr.  Lindgren.  The  entire  staff  of  the  bank 
was  present.  During  the  evening  a  handsome 

39 


STATE  BANK  OF  CHICAGO 


silver  loving-cup,  suitably  engraved,  was  pre- 
sented to  each  of  the  two  guests  of  honor  and 
addresses  of  appreciation  were  made  by  several 
directors.  Governor-elect  Charles  S.  Deneen,  a 
depositor  and  stockholder  of  the  bank  for  many 
years,  also  spoke  in  warm  terms  of  his  high 
regard  for  Mr.  Haugan  and  Mr.  Lindgren  as 
well  as  for  the  State  Bank  of  Chicago. 


40 


A.  JURGENS 
J.   M.   LARIMER 
P.   S.   PETERSON 


HENRY   C.    DURAND 
CHARLES   L.    HUTCHINSON 
C.   JEVNE 


CHAPTER  IV 
DIRECTORS  AND  OFFICERS 

The  first  Board  of  Directors  of  the  State 
Bank  of  Chicago  consisted  of  Henry  C.  Durand, 
John  H.  Dwight,  Theodore  Freeman,  H.  A. 
Haugan,  Charles  L.  Hutchinson,  A.  P.  Johnson, 
Axel  Jurgens,  J.  M.  Larimer,  John  R.  Lindgren, 
Thomas  Murdoch,  and  P.  S.  Peterson.  In 
January,  1893,  Mr.  Jurgens,  after  accumulating  a 
competence  in  Chicago,  retired  from  business  and 
returned  to  Norway,  his  native  land,  and  relin- 
quished his  position  as  a  director.  He  was  suc- 
ceeded by  Christian  Jevne  of  C.  Jevne  &  Com- 
pany. On  August  24,  1894,  the  bank  was  called 
upon  to  mourn  the  loss  of  Mr.  Larimer,  who 
died  at  his  home  in  Evanston,  greatly  lamented 
by  all.  His  memory  was  perpetuated  by  the 
city  of  Evanston,  which  named  the  Larimer 
School  in  his  honor.  As  his  successor,  Moses 
J.  Wentworth  was  elected  a  director  in  January, 
1895. 

Mr.  Peterson,  whose  health  had  been  failing 
for  some  time,  retired  from  the  board  on  this 
account  in  January,  1898,  and  died  on  January 
19,  1903.  On  March  17,  1898,  Mr.  Jevne 

41 


STATE  BANK  OF  CHICAGO 


passed  away,  at  the  age  of  fifty-nine,  greatly 
mourned  by  his  associates  on  the  Board  of  Direc- 
tors. In  September,  1901,  the  bank  suffered 
another  great  loss  in  the  death  of  Mr.  Durand, 
one  of  Chicago's  conspicuous  business  men,  a 
leading  resident  of  Lake  Forest,  and  a  generous 
contributor  to  Lake  Forest  University  and  other 
public  institutions. 

At  the  annual  meeting  in  January,  1902,  Mr. 
Hutchinson  found  it  necessary  to  decline  re-elec- 
tion as  a  director  on  account  of  his  many  other 
financial  interests,  which  required  all  his  time 
and  attention.  The  board  passed  resolutions 
of  appreciation  for  the  valuable  services  ren- 
dered the  bank  by  Mr.  Hutchinson,  who  had 
served  as  a  director  from  the  date  of  the  bank's 
incorporation. 

The  vacancies  thus  caused  in  the  board  were 
filled  by  the  election  of  Calvin  Durand,  of 
Durand  &  Kasper  Company,  and  a  brother  of 
Henry  C.  Durand,  in  October,  1901;  of  David 
N.  Barker,  of  Jones  &  Laughlin  Steel  Company, 
in  January,  1902;  while  in  November,  1903,  the 
bank  elected  as  directors,  George  E.  Rickcords, 
president  of  the  Security  Title  &  Trust  Company 
until  its  merger  with  the  Chicago  Title  &  Trust 
Company,  and  William  A.  Peterson,  the  son  of 
P.  S.  Peterson  and  his  successor  as  proprietor  of 

42 


STATE  BANK  OF  CHICAGO 


the  well-known  Peterson  Nursery.    In  December, 
1904,  the  board,  therefore,  consisted  of: 
DAVID  N.  BARKER         A.  P.  JOHNSON 
CALVIN  DURAND  JOHN  R.  LINDGREN 

JOHN  H.  DWIGHT          THOMAS  MURDOCH 
THEODORE  FREEMAN     WM.  A.  PETERSON 
H.  A.  HAUGAN  GEORGE  E.  RICKCORDS 

MOSES  J.  WENTWORTH 

Since  the  bank's  incorporation,  Mr.  Haugan 
has  been  the  President,  Mr.  Dwight  the  Vice- 
President,  and  Mr.  Lindgren  the  Cashier.  In 
January,  1894,  Frank  I.  Packard,  associated 
with  the  bank  since  1890,  was  appointed  Assist- 
ant Cashier,  and  in  January,  1901,  Henry  S. 
Henschen,  who  entered  the  bank's  employ  in 
1889,  was  appointed  an  additional  Assistant 
Cashier.  In  January,  1896,  Charles  L.  Johnson 
was  appointed  Secretary  of  the  Trust  Depart- 
ment and  retained  the  office  until  January,  1901, 
when  he  was  elected  President  of  the  Western 
State  Bank.  The  same  month  Samuel  E. 
Knecht  was  appointed  his  successor  as  Secretary, 
and  in  January,  1904,  William  C.  Miller  was 
appointed  Assistant  Secretary. 

A  great  part  of  the  growth  and  success  of  the 
State  Bank  of  Chicago  and  its  recognized  stand- 
ing to-day  is  no  doubt  due  to  the  fact  that  its 
management  has  been  unchanged  from  the  be- 

43 


STATE  BANK  OF  CHICAGO 


ginning  and  that  Mr.  Haugan,  the  President, 
and  Mr.  Lindgren,  the  Cashier,  are  still  in  charge 
of  its  policy  and  supervise  all  its  departments. 
The  value  of  one  continuous  and  competent 
management  for  many  years  cannot  be  over- 
estimated. Mr.  Dwight,  the  Vice-President, 
who  since  his  retirement  from  active  business 
now  makes  his  office  at  the  bank,  has  also  been 
a  valuable  factor  in  the  progress  of  the  bank,  for 
while  taking  no  active  part  in  its  management, 
he  has  always  been  of  great  assistance  to  the 
officers  and  board  of  directors  as  a  wise  counselor 
and  keen  judge  of  values.  His  large  acquaint- 
ance with  the  leading  business  men  of  Chicago 
has  also  contributed  to  the  upbuilding  of  the 
bank. 

The  management  of  the  office  and  its  staff  of 
employees  is  under  the  charge  of  Mr.  Packard, 
while  the  Bond  Department,  the  Foreign  Ex- 
change Department,  and  the  bank's  relations 
with  its  correspondents  in  other  cities  are  in  the 
hands  of  Mr.  Henschen.  The  Trust  Depart- 
ment is  conducted  by  Mr.  Knecht,  who  is  assisted 
in  its  management  by  Mr.  Miller.  Mr.  Oscar 
H.  Haugan  has  for  several  years  been  the  man- 
ager of  the  Real  Estate  Loan  Department. 


OSCAR    H.    HAUGAN  HENRY   S.   HENSCHEN 

FRANK   I.   PACKARD 
SAMUEL   E.   KNECHT  WILLIAM   C.   MILLER 


CHAPTER  V 
THE  DEPARTMENTS  OF  THE  BANK 

As  has  already  been  noted,  the  main  reason 
which  induced  the  incorporators  of  the  bank  in 
1891  to  apply  for  a  state  charter,  and  not  to  or- 
ganize as  a  national  bank,  was  their  desire  to 
develop  the  business  along  several  lines  not  in- 
cluded in  the  scope  of  a  national  bank.  Chief 
among  these  lines  was  the  development  of  the 
bank  as  a  savings  institution,  and  in  this  respect 
the  State  Bank  of  Chicago  has  met  with  so  large 
a  degree  of  success  that  its  business  as  a  savings 
bank  bids  fair  to  outstrip,  though  not  to  supplant, 
its  other  functions.  It  speaks  well  for  the 
management  of  the  bank  and  for  the  confidence 
which  the  institution  enjoys  in  the  public  esti- 
mation that  its  savings  depositors  to-day  number 
more  than  nineteen  thousand,  and  that  they 
have  to- their  credit  in  the  bank  six  millions  five 
hundred  thousand  dollars,  a  record  which  only 
three  other  savings  banks  in  Chicago  can  equal. 
Strange  to  relate,  hundreds  of  the  savings  deposi- 
tors of  the  bank  reside  away  from  Chicago,  many 
in  such  distant  cities  as  San  Francisco  and  New 
York,  others  in  the  mining  regions  of  Colorado 

45 


STATE  BANK  OF  CHICAGO 


and  on  the  fertile  plains  of  the  great  North- 
west. 

Recognizing  this  trend  of  the  business,  the 
bank,  when  enlarging  its  offices  in  1903,  set  aside 
spacious  quarters  for  its  savings  depositors, 
affording  them  every  facility  for  the  proper 
handling  of  their  business.  The  accounts  in 
this  department  range  from  $1  to  over  $25,000, 
averaging  about  $341  for  each  depositor.  Many 
of  them  have  remained  in  the  bank  ten,  fifteen, 
and  even  twenty  years,  steadily  accumulating 
compound  interest  for  their  thrifty  owners.  This 
is  well  illustrated  by  the  following  incident,  re- 
printed from  the  "Financial  Age"  of  New  York, 
which  on  June  27,  1904,  said: 

"An  example  of  the  rapidity  with  which  interest 
accumulates  is  afforded  by  the  following  occur- 
rence: On  June  15,  1904,  a  gentleman,  who  is 
about  to  remove  from  Chicago,  called  at  the  State 
Bank  of  Chicago,  with  his  savings  book  to  close 
the  account.  His  book  contained  only  two  de- 
posits—  one  for  $116  made  on  September  23, 
1884,  and  one  for  $100  made  on  July  12,  1887  — 
a  total  of  $216.  The  amount  paid  him  by  the 
bank  was  $393.85,  all  of  this  in  excess  of  $216 
being  the  compound  interest,  during  the  twenty 
years  he  had  held  the  book. 

The    rate    of   interest   on   savings    accounts 

46 


I 


c 

X 

en 

£ 


STATE  BANK  OF  CHICAGO 


allowed  by  the  State  Bank  of  Chicago,  as  well  as 
by  other  savings  banks  in  the  city,  is  three  per 
cent.  On  January  1,  1904,  the  bank  paid 
$74,670  interest  to  its  savings  depositors,  and 
on  July  1,  1904,  $79,151,  a  total  for  twelve 
months  of  $153,821. 

In  January,  1894,  the  State  Bank  of  Chicago 
qualified  under  the  laws  of  Illinois  to  act  as  a 
trust  company  and,  as  required  by  law,  de- 
posited with  the  State  Auditor  at  Springfield 
$200,000  of  its  securities  as  a  guaranty  fund  to 
protect  beneficiaries  under  trusts  administered 
by  the  bank.  Since  then  it  has  done  a  constantly 
increasing  business  as  a  trustee,  administering 
the  estates  of  deceased  persons,  acting  as  guar- 
dian of  the  states  of  minors,  as  conservator  of  the 
estates  of  insane  persons,  as  receiver  and  assignee, 
as  trustee  for  bond  issues,  registrar  of  corporation 
stocks,  and  in  the  many  other  capacities  in  which 
a  trust  company  can  act.  The  business  of  this 
branch  of  the  bank,  already  of  no  small  propor- 
tions, cannot  fail  to  expand  further  in  view  of 
the  fact  that  the  superiority  of  a  corporate  trustee 
over  individuals  is  gaining  general  recognition. 

On  this  subject  Hon.  Lyman  J.  Gage,  address- 
ing the  American  Bankers'  Association  in  Octo- 
ber, 1903,  at  San  Francisco,  stated  most  concisely: 

"Perhaps  the  greatest  problem  confronting 

47 


STATE  BANK  OF  CHICAGO 


the  man  of  means  is  how  best  he  can  dispose  of 
his  wealth  so  that  his  heirs  shall  enjoy  it  without 
the  danger  of  dishonest  agents  dissipating  the 
fund.  This  problem,  which  to  thoughtful  and 
conscientious  men  is  a  grave  one,  the  trust  com- 
pany, in  its  legal  capacity  as  administrator,  exec- 
utor, guardian,  or  trustee,  is  established  to  solve. 
Enjoying  perpetuity,  it  is  not  subject  to  the 
vicissitudes  of  death.  Controlled  by  the  limita- 
tions and  provisions  of  its  charter,  it  is  kept 
by  the  strong  hand  of  the  law  within  the  limits 
of  conservative  operations.  Presumably  man- 
aged by  a  competent  board  of  directors,  it  gives 
the  beneficiaries  of  the  trust  the  advantage  of  the 
collective  wisdom  of  the  experienced  man,  and 
in  financial  matters,  'in  a  multitude  of  experi- 
enced counselors  there  is  safety.'  Inspected  by 
independent  officers  of  the  state,  any  wrongdoing 
by  the  officers  of  a  trust  company  cannot  long 
remain  undiscovered.  Possessed  of  ample  capi- 
tal, the  beneficiary  is  guaranteed  against  loss 
through  errors  or  willful  dishonesty.  Moreover, 
the  trust  company,  in  managing  many  estates, 
can  do  so  with  an  economy  not  possible  to  indi- 
vidual trustees.  I  submit,  therefore,  that  the 
burdens  of  the  rich  would  be  sensibly  relieved  if 
due  regard  were  had  to  the  advantages  offered 
by  the  trust  company." 

48 


STATE  BANK  OF  CHICAGO 


One  of  the  oldest  and  most  profitable  branches 
of  the  bank's  business  is  its  Real  Estate  Loan 
Department,  which  for  twenty-five  years  has  been 
loaning  money  to  the  public  on  the  security  of 
improved  Chicago  real  estate.  These  loans, 
negotiated  by  the  bank  after  a  most  rigid  scru- 
tiny of  the  property  and  its  title,  are  much  sought 
after  by  investors  on  account  of  their  intrinsic 
safety,  and  because  the  bank  continues  to  watch 
the  interests  of  the  investor  as  long  as  the  loan 
remains  in  force.  Not  infrequently  the  bank  has 
a  larger  demand  from  investors  for  these  loans 
than  it  is  able  to  supply.  Valuable  as  the  ser- 
vices of  the  bank  can  be  to  the  borrower  on  real 
estate  security,  they  are  of  even  greater  impor- 
tance to  the  lender  who  in  purchasing  mortgages 
negotiated  by  the  bank  can  feel  assured  that 
every  necessary  precaution  has  been  taken,  as  the 
bank  has  in  the  first  instance  loaned  its  own 
funds  on  the  security.  The  bank's  experience  of 
many  years  in  making  similar  loans  thus  becomes 
available  to  the  investor. 

The  Real  Estate  Loan  Department  jointly 
with  the  Trust  Department,  supervises  and  con- 
trols numerous  apartment  houses,  residences, 
and  other  buildings  managed  by  the  bank  for 
clients  whose  estates  have  been  committed  to  its 
care. 

49 


STATE  BANK  OF  CHICAGO 


Another  branch  of  the  bank's  business  is  its 
Foreign  Department,  through  which  it  has  con- 
nections with  hundreds  of  foreign  cities,  drawing 
drafts  on  them  and  issuing  letters  of  credit  for 
travelers,  a  branch  of  business  which  has  been 
developed  largely  by  the  fact  that  the  bank's 
clientage  still  embraces  a  large  number  of  the 
foreign-born  citizens  of  Chicago.  The  develop- 
ment of  the  export  and  import  business  of  our 
country  have  also  increased  the  demand  for 
foreign  exchange  facilities  —  a  demand  which 
the  bank  is  well  equipped  to  meet.  Its  main  for- 
eign accounts  are  carried  at  the  Union  of  London 
and  Smith's  Bank,  Ltd.,  London,  Credit  Lyon- 
nais,  Paris,  and  Deutsche  Bank,  Berlin. 

In  April,  1898,  the  State  Bank  of  Chicago 
inaugurated  its  Bond  Department,  at  a  time 
when  but  one  or  two  other  Chicago  banks  had 
taken  up  this  branch  of  banking,  which  has  since 
become  a  recognized  department  of  so  many 
other  large  banks.  Shortly  after  the  Bond 
Department's  establishment,  the  United  States 
floated  its  $200,000,000  Spanish  War  Loan,  and 
in  the  placing  of  these  bonds  with  the  public  the 
bank  took  an  active  part  and  has  ever  since  been 
a  large  dealer  in  United  States  bonds.  It  has  also 
purchased  directly  from  the  City  of  Chicago  and 
from  Cook  County  several  issues  of  their  muni- 

50 


•  WASHINGTON-  .5TR.E.ET 


FLOOR   PLAN   OF   PRESENT   OFFICES 


LIBRARY 

UNIVERSITY  OF  ILLINOIS 
Kf  URBANA-CHAMPAIGN 


STATE  BANK  OF  CHICAGO 


cipal  bonds.  In  1900  it  was  the  western  agent 
in  the  United  States  for  the  £2,000,000  Swedish 
Government  Loan,  the  bank  negotiating  for  its 
participation  in  the  loan  through  its  Bond  De- 
partment manager,  who  went  to  Stockholm  at 
the  time.  The  Bond  Department  issues  fre- 
quent printed  lists  of  its  offerings,  all  of  which  are 
investments  which  the  bank  has  purchased  for 
its  own  account  after  thorough  investigation. 

The  American  public,  it  would  seem,  is  more 
and  more  becoming  a  nation  of  bond  buyers, 
emulating  in  this  respect  the  customs  of  England, 
France,  and  other  European  countries.  There 
are  few  investments  so  desirable  as  bonds  when 
they  are  safe,  easily  convertible,  and  yield  a  fair 
rate  of  interest.  The  experience  of  the  bank's 
officers  in  constantly  dealing  in  non-speculative 
investment  bonds  and  observing  the  trend  of  the 
financial  markets  naturally  makes  their  opinion 
and  advice  on  investments  in  bonds  of  value  to 
clients  of  the  bank,  and  the  constantly  expanding 
business  of  the  Bond  Department  shows  that 
the  bank's  services  of  this  kind  are  appreciated 
both  by  its  customers  and  the  investing  public 
generally. 

While  conducting  the  above-described  various 
branches  of  the  banking  business,  which  have 
been  found  profitable  in  themselves  and  very 

51 


STATE  BANK  OF  CHICAGO 


valuable  as  auxiliaries  in  building  up  the  deposit 
business  of  the  bank,  the  directors  and  officers 
of  the  State  Bank  of  Chicago  have  not  lost 
sight  of  the  fact  that  the  chief  function  of  every 
commercial  bank  is  to  receive  deposits  and  to 
loan  its  funds  with  wise  conservatism  and  in  such 
a  manner  that  they  are  quickly  available.  On 
these  two  main  functions  the  officials  of  the  bank 
have  concentrated  the  greater  part  of  their  time 
and  effort,  aiming  to  conduct  the  State  Bank  of 
Chicago  as  an  institution  which  shall  in  the  esti- 
mation of  its  depositors  and  of  the  public  ever 
stand  for  integrity,  conservatism,  and  safety. 


CHAPTER  VI 
DAVID  N.  BARKER 

David  N.  Barker  was  born  in  Homer,  New 
York,  March  3,  1844,  and  received  his  education 
in  his  native  town  and  in  Syracuse,  New  York. 
He  commenced  business  life  in  1863,  in  the  gen- 
eral merchandise  store  of  W.  B.  Werden,  of 
Waukegan,  Illinois,  and  became  a  partner  of  his 
employer  in  1866,  remaining  in  this  business  until 
1872.  In  1875  Mr.  Barker  became  connected 
with  the  Pittsburg  steel  and  iron  firm  of  Jones  & 
Laughlin,  Ltd.,  with  which  he  has  ever  since 
been  identified.  In  1894  he  succeeded  Mr. 
Larimer  as  the  Chicago  manager  of  this  great 
business,  now  known  as  the  Jones  &  Laughlin 
Steel  Company,  one  of  the  largest  concerns  of 
its  kind  in  America. 

Mr.  Barker  is  a  member  of  the  Union  League 
Club  of  Chicago  and  of  the  Evanston  Golf  Club. 
His  home  is  in  Evanston.  In  1870  he  was  mar- 
ried to  Mary  Sherman,  a  daughter  of  Chicago's 
former  mayor,  Alson  S.  Sherman. 


53 


STATE  BANK  OF  CHICAGO 


CALVIN  DURAND 

Calvin  Durand  was  born  in  Clintonville,  New 
York,  May  7,  1840,  and  received  his  education 
at  Keeseville  Academy,  New  York.  In  1860  he 
commenced  business  life  in  Chicago  as  a  clerk 
for  Durand  Brothers  &  Powers,  and  became 
identified,  in  1865,  with  Durands  &  Hyde,  whole- 
sale grocers.  His  entire  business  career  of  forty- 
five  years  has  been  spent  in  the  wholesale  grocery 
business.  In  1866  he  became  a  partner  in  the 
firm  of  Durand  Brothers  &  Powers,  which  firm 
was  changed  in  1872  to  Durands  &  Company; 
in  1880  to  H.  C.  &  C.  Durand,  and  was  incor- 
porated in  1897  as  Durand  &  Kasper  Company, 
of  which  Mr.  Durand  is  now  the  president.  He 
is  also  a  large  shareholder  and  director  of  the 
Watson,  Durand  &  Kasper  Company,  of  Salina, 
Kansas. 

In  1862  Mr.  Durand  enlisted  in  the  Union 
army,  joining  the  Chicago  Board  of  Trade  bat- 
tery, and  served  until  the  close  of  the  war,  in  1865. 
For  eight  months,  from  July,  1864,  to  March, 
1865,  he  was  held  a  prisoner  of  war  by  the  Con- 
federates in  Libby,  Andersonville,  and  other 
prisons. 

In  addition  to  his  large  wholesale  grocery 
interests  Mr.  Durand  is  a  director  of  the  State 

54 


. 


DAVID   N.    BARKER 
THEODORE   FREEMAN 


CALVIN    DURAND 
A.    P.   JOHNSON 


STATE  BANK  OF  CHICAGO 


Bank  of  Chicago  and  the  Columbian  National 
Life  Insurance  Company  of  Boston,  Massachu- 
setts. He  belongs  to  the  Union  League  Club  of 
Chicago,  the  Onwentsia  Club  of  Lake  Forest, 
and  the  First  Presbyterian  Church  of  Lake 
Forest.  In  1867  he  was  married  to  Sarah  G. 
Downs.  For  many  years  he  has  made  his  home 
in  Lake  Forest. 


HENRY  C.  DURAND 

Henry  Clay  Durand  was  born  in  Clintonville, 
New  York,  March  1, 1827,  and  died  in  Highland 
Park,  Illinois,  September  2,  1901.  After  com- 
pleting his  studies  in  his  native  town,  he  came 
west  to  engage  in  business,  arriving  in  Chicago  in 
1851. 

"It  stirs  our  hearts  to  remember  how  he 
passed  along  to  Lake  Erie  and  then  on  until  he 
reached  Milwaukee;  how,  landing  in  Milwaukee 
he  found  work,  diligently  gave  himself  to  that 
work,  gradually  advanced  in  his  prosperity,  until 
he  could  make  a  visit  to  the  home  in  New  York 
to  refresh  his  heart  and  the  hearts  of  his  parents 
and  show  to  them  his  ability  to  succeed.  Then 
he  came  back  to  the  West,  opportunity  opening 
because  somehow  he  knew  where  to  find  the  door 
of  opportunity  and  how  to  make  the  door  turn 

55 


STATE  BANK  OF  CHICAGO 


on  its  hinges.  In  due  time  he  leaves  Milwaukee 
for  Chicago.  In  the  new  city  his  steps  are  al- 
ways forward.  Carefully  and  surely  he  moves 
ahead,  and  when  the  later  years  of  his  life  are 
reached  he  is  the  chief  of  a  large  business  house 
whose  every  member  rejoices  in  proclaiming 
him  their  honored  and  beloved  head.  It  is  their 
pride  and  their  joy  that  the  young  man  who 
worked  so  long  and  so  hard,  denying  himself  so 
many  of  the  comforts  of  life,  who  smiled  over  his 
hardships  and  accepted  them  as  an  essential  part 
of  the  situation,  became  the  influential  merchant 
and  the  generous  citizen  whose  death  is  tele- 
graphed throughout  the  nation.  How  little  the 
boy  who  looked  over  the  farm  fences  at  night  as 
the  sun  went  down  and  wondered  what  would 
become  of  him  in  life  understood  the  place  he 
would  have  in  our  hearts  and  the  work  he  would 
do  in  the  world,"  writes  Dr.  James  G.  K.  Mc- 
Clure. 

He  became  in  time  a  partner  in  the  wholesale 
grocery  business,  which  after  several  changes  of 
style  became,  in  1880,  the  firm  of  H.  C.  &  C. 
Durand,  and  in  1897  was  incorporated  as  the 
Durand  &  Kasper  Company,  Mr.  Durand  being 
the  president  of  the  company.  Mr.  Durand 
proved  very  successful  in  his  business  ventures, 
and  accumulated  a  large  fortune  which  enabled 

56 


STATE  BANK  OF  CHICAGO 


him  to  liberally  contribute  to  the  numerous  public 
institutions  in  which  he  was  interested,  espe- 
cially Lake  Forest  University,  of  which  he  was 
president  of  the  Board  of  Trustees  at  the  time  of 
his  death.  Beside  the  aid  he  bestowed  upon 
individual  students  in  time  of  their  need,  and  the 
donations  of  money  to  the  current  expenses  and 
general  endowment  of  the  university,  which  con- 
tinued for  more  than  twenty-five  years,  he  erected 
the  Henry  C.  Durand  Institute,  the  Alice  Home 
Infirmary,  and  the  Lois  Durand  Hall,  dormitory 
for  young  women  of  the  college,  and  he  also 
erected  the  Annie  Durand  Cottage  of  the  acad- 
emy. These  gifts  were  one  of  the  greatest  joys 
of  his  life. 

Mr.  Durand  was  a  member  of  the  First  Pres- 
byterian Church  of  Lake  Forest  and  a  director 
of  the  Continental  National  Bank. 

He  was  married,  in  1855,  to  Annie  W.  Burd- 
sal. 

JOHN  H.  DWIGHT 

John  H.  D wight,  the  bank's  Vice-President 
since  its  incorporation,  is  a  native  of  Jackson, 
Michigan,  and  was  born  April  7,  1835,  the  son 
of  John  N.  D  wight,  who  conducted  a  country 
store  and  flour-mill,  and  his  wife,  Elizabeth  F. 
Bartow.  After  studying  in  the  common  schools 

57 


STATE  BANK  OF  CHICAGO 


and  at  an  academy,  Mr.  Dwight  commenced  his 
business  career  in  Chicago  in  1858,  as  a  book- 
keeper in  the  banking  house  of  J.  H.  Burch,  and 
joined  the  Chicago  Board  of  Trade  in  the  same 
year;  soon  afterward  he  became  a  member  of  the 
firm  of  D.  L.  Quirk  &  Company,  which  firm 
was  later  known  as  Dow,  Quirk  &  Company. 
He  continued  for  many  years  one  of  the  leading 
members  of  the  Chicago  Board  of  Trade,  and 
saw  it  grow  to  be  one  of  the  greatest  exchanges 
of  the  world  and  an  important  factor  in  the  devel- 
opment of  Chicago  and  the  West.  In  1880  Mr. 
Dwight  was  elected  president  of  the  Board  of 
Trade,  after  having  previously  served  as  its  vice- 
president  and  as  a  director  for  many  years. 

After  forty  years  of  active  and  successful 
commercial  life,  Mr.  Dwight,  then  a  member  of 
the  grain  and  elevator  firm  of  Linn  &  Dwight, 
retired  from  business  in  1898,  since  which  time 
he  has  devoted  himself  to  travel  and  other  con- 
genial pursuits. 

In  1871  Mr.  Dwight  was  married  to  Frances 
Metcalf.  His  church  connections  are  Episco- 
palian, and  his  home  has  for  many  years  been  in 
Lake  Forest.  He  also  has  a  home  in  Pasadena, 
California,  in  which  he  usually  spends  the 
winters. 

Mr.  Dwight  is  a  member  of  the  Chicago  Club, 

58 


JOHN   H.    DWIGHT 


STATE  BANK  OF  CHICAGO 


Union  League  Club,  and  the  Onwentsia  Club, 
and  a  director  of  the  Corn  Exchange  National 
Bank.  The  prestige  of  his  name  and  influence 
has  been  of  great  value  to  the  State  Bank  of 
Chicago,  the  growth  of  which  he  has  watched 
with  interest  and  pride.  Few  men  have  so  large 
a  circle  of  friends  as  Mr.  Dwight,  whose  recol- 
lections of  Chicago  and  its  leading  business  men 
are  those  of  a  veteran  who  for  nearly  half  a  cen- 
tury has  been  identified  with  the  city. 

/ 
THEODORE  FREEMAN 

Theodore  Freeman  was  born  on  a  farm  in 
Sweden,  December  23,  1847,  and  after  receiving 
a  common-school  education,  emigrated  to  the 
United  States  in  1868,  arriving  in  Chicago  the 
same  year.  In  July,  1873,  Mr.  Freeman  en- 
gaged in  the  grocery  business  at  No.  246  North 
Avenue,  and  has  remained  continuously  in  the 
grocery  business  since  that  time.  At  one  time 
he  also  engaged  in  the  wholesale  grocery  busi- 
ness, but  later  returned  to  the  retail  business  in 
which  he  has  been  uniformly  successful,  ranking 
to-day  among  the  most  prosperous  of  Chicago's 
Scandinavian  citizens.  For  many  years  Mr. 
Freeman  has  been  conspicuously  identified  with 
the  management  of  the  Augustana  Hospital  of 

59 


STATE  BANK  OF  CHICAGO 


Chicago,  and  has  been  its  treasurer  since  1892, 
and  has  held  other  important  positions  of  trust  in 
the  Swedish  Lutheran  Church,  of  which  he  is  an 
active  member. 

He  was  married  in  1874  to  Hannah  M. 
Magnuson. 

H.  A.  HAUGAN 

Helge  Alexander  Haugan  was  born  October 
26,  1847,  in  Christiania,  Norway,  and  attended 
schools  in  his  native  city  until  the  time  of  his  de- 
parture with  his  parents  for  America  in  1858. 
For  four  years  he  lived  with  them  in  Canada,  a 
portion  of  the  time  on  a  farm  near  Lenoxville, 
and  later  in  Montreal,  where  he  was  apprenticed 
to  learn  the  gas-fitting  and  plumbing  trade.  As 
a  boy  of  sixteen  he  came  to  Chicago  in  1863,  and 
after  several  years  spent  in  the  employ  of  others, 
engaged  in  business  on  his  own  account  in  1871 
as  a  contractor  in  the  gas-fitting  and  plumbing 
business,  meeting  with  excellent  success.  His 
mind,  however,  was  full  of  plans  for  larger  things, 
and  in  1879,  with  John  R.  Lindgren,  he  founded 
the  business  of  Haugan  &  Lindgren,  Bankers, 
in  which  firm  Mr.  Haugan  was  the  senior  mem- 
ber. 

In  1891  when  the  bank  was  incorporated  as 


H.  A.  HAUGAN 


STATE  BANK  OF  CHICAGO 


the  State  Bank  of  Chicago,  Mr.  Haugan  was 
elected  its  president,  and  has  ever  since  occupied 
this  position.  In  addition  to  being  a  director  of 
the  State  Bank  of  Chicago,  he  is  a  director  of  the 
Chicago  Title  &  Trust  Company.  He  is  a  mem- 
ber of  the  Union  League  Club  and  the  Bankers' 
Club.  For  many  years  his  home  has  been  on 
Deming  Court  in  Lake  View. 

Occupied  with  his  increasing  duties  as  head 
of  the  bank,  Mr.  Haugan  has  never  taken  an 
active  part  in  politics  nor  sought  office,  although 
a  warm  friend  of  good  government  and  civic 
reform.  He  was,  however,  a  member  of  the 
Board  of  Education  under  Mayor  Swift,  and 
later  served  for  several  years  as  treasurer  of  the 
Lincoln  Park  Board. 

He  was  married  in  Chicago  in  1868  to  Laura 
A.  Wardrum,  and  has  six  children,  of  whom 
Oscar  H.  Haugan  and  Henry  A.  Haugan  are 
connected  with  the  State  Bank  of  Chicago,  and 
Charles  M.  Haugan  and  J.  Richard  Haugan  are 
in  college.  His  two  daughters  are  married  to 
Judge  Axel  Chytraus  and  to  Dr.  Wallace  F. 
Grosvenor,  both  of  Chicago. 


61 


STATE  BANK  OF  CHICAGO 


H.  G.  HAUGAN 

Hauman  G.  Haugan,  a  brother  of  H.  A. 
Haugan,  was  born  in  Christiania,  Norway,  No- 
vember 7,  1840,  and  was  educated  in  the  schools 
of  his  native  country.  Coming  to  America  in 
1859  he  took  up  his  residence  in  Chicago  in  1863. 
As  a  clerk  in  Chicago  for  two  years  he  familiarized 
himself  with  the  customs  of  the  new  country  and 
then  entered  the  Batavian  Bank  at  La  Crosse, 
Wisconsin,  of  which  he  later  became  cashier. 
In  1870  he  was  appointed  paymaster  and  auditor 
of  the  Southern  Minnesota  Railroad.  When 
this  road  was  purchased  in  1880  by  the  Chicago, 
Milwaukee  and  St.  Paul  Railway,  Mr.  Haugan 
moved  to  Milwaukee  to  accept  the  post  of  private 
secretary  to  Sir  W.  C.  Van  Home,  now  of  the 
Canadian  Pacific.  He  next  served  as  land 
commissioner  of  the  Chicago,  Milwaukee  and  St. 
Paul  Railroad  with  headquarters  in  Milwaukee, 
and  came  to  Chicago  in  January,  1901,  to  fill  the 
position  of  comptroller  of  the  same  company. 

For  thirty-five  years  Mr.  Haugan  has  been 
intimately  identified  with  railway  affairs  in  the 
Northwest.  His  accurate  and  detailed  knowl- 
edge of  the  workings  of  the  great  Chicago,  Mil- 
waukee and  St.  Paul  system  has  been  gained  by 
many  years  in  its  service,  during  which  time  he 

62 


H.    G.    HAUGAN 


STATE  BANK  OF  CHICAGO 


has  traveled  extensively  in  the  states  traversed 
by  the  railroad.  His  duties  as  land  commis- 
sioner included  the  locating,  naming,  and  develop- 
ing of  many  new  towns  in  Wisconsin,  Minnesota, 
and  North  and  South  Dakota,  some  of  which 
have  since  become  prosperous  cities. 

In  1884  Mr.  Haugan  became  a  member  of  the 
firm  of  Haugan  &  Lindgren,  Bankers.  He  is  a 
large  stockholder  in  the  State  Bank  of  Chicago, 
in  the  development  of  which  he  has  been  an  im- 
portant factor. 

Mr.  Haugan's  home  is  in  Evanston.  He  is  a 
member  of  the  Union  League  Club,  and  was  mar- 
ried in  1879  to  Emma  Petersen. 


OSCAR  H.  HAUGAN 

Oscar  Hauman  Haugan  was  born  November 
5,  1872,  in  Chicago,  and  is  the  oldest  son  of  H. 
A.  Haugan.  After  studying  at  Northwestern 
Military  Academy,  Highland  Park,  Illinois,  and 
Northwestern  University,  Evanston,  Illinois,  he 
entered  the  bank's  employ  in  1892.  After  a 
preliminary  training  in  the  Commercial  Depart- 
ment of  the  bank,  he  was  transferred  to  its  Real 
Estate  Loan  Department,  where  he  served 
several  years  in  different  positions  until  he  was 
promoted,  in  1902,  to  the  position  of  manager  of 

63 


STATE  BANK  OF  CHICAGO 


the  Real  Estate  Loan  Department.  Mr.  Haugan 
is  thoroughly  versed  in  the  mortgage  loan  busi- 
ness and  well  informed  on  real  estate  values  in 
Chicago. 

He  is  a  member  of  the  Chicago  Real  Estate 
Board,  Chicago  Real  Estate  Loan  Association, 
and  the  Chicago  Yacht  Club,  and  was  married, 
in  1900,  to  Clara  C.  Jevne  of  Chicago. 

HENRY  S.  HENSCHEN 

Henry  S.  Henschen  was  born  in  Brooklyn, 
New  York,  July  29,  1873,  attended  schools  in 
Evanston,  Illinois,  and  Jamestown,  New  York, 
and  entered  the  employ  of  Haugan  &  Lindgren, 
Bankers,  in  1889.  He  attended  evening  classes 
in  the  Chicago  College  of  Law  from  1893  to 
1896,  was  admitted  to  the  bar  in  1895,  and  re- 
ceived the  degree  of  bachelor  of  laws  in  1896, 
but  never  practiced  law,  remaining  in  the  bank's 
service.  After  passing  through  various  sub- 
ordinate positions,  he  was  appointed  manager  of 
the  Bond  Department  in  1898,  and  assistant 
cashier  in  1901. 

He  is  a  member  of  the  Chicago  Stock  Ex- 
change, the  Bankers'  Club  of  Chicago,  and  of 
Grace  Methodist  Episcopal  Church. 

In  1898  he  was  married  to  Edith  M.  C. 
Mountain. 

64 


STATE  BANK  OF  CHICAGO 


CHARLES  L.  HUTCHINSON 

Charles  Lawrence  Hutchinson  was  born  in 
Lynn,  Massachusetts,  March  7,  1854,  the  son 
of  Benjamin  P.  Hutchinson,  for  many  years  a 
leading  member  of  the  Chicago  Board  of  Trade 
and  one  of  Chicago's  noted  financiers.  He 
received  his  education  in  Chicago  and  grad- 
uated from  the  Chicago  High  School  in  1873, 
and  immediately  entered  business  life  in  his 
father's  office.  Soon  afterward  he  became  iden- 
tified with  the  Corn  Exchange  National  Bank, 
founded  by  his  father,  and  his  business  life  has 
chiefly  been  spent  in  developing  this  bank,  now 
one  of  the  greatest  financial  institutions  of  Chi- 
cago and  the  West.  For  many  years  Mr.  Hutch- 
inson was  its  president,  until  he  retired  from  this 
position  in  1898  in  order  to  have  more  time  to 
devote  to  his  private  interests.  Mr.  Hutchinson 
remains,  however,  as  a  director  and  vice-presi- 
dent of  the  bank,  in  which  he  makes  his  office. 

He  was  one  of  the  founders  of  the  Art  Insti- 
tute of  Chicago  and  has  been  its  president 
for  many  years.  Mr.  Hutchinson  is  a  director 
of  many  corporations  including  the  North- 
ern Trust  Company,  Auditorium  Association, 
Traders  Insurance  Company,  and  Western  Stone 
Company,  and  is  a  member  of  the  Chicago, 

65 


STATE  BANK  OF  CHICAGO 


Commercial,  Caxton,  Bankers',  Chicago  Athletic, 
Union  League,  University,  and  several  other 
clubs.  During  the  World's  Columbian  Expo- 
sition he  was  one  of  its  directors  and  chairman 
of  the  Fine  Arts  Department.  He  has  also  been 
president  of  the  Chicago  Board  of  Trade  and 
trustee  of  the  Chicago  Public  Library,  and  con- 
sul general  for  Greece  in  Chicago. 

Mr.  Hutchinson  is  not  only  one  of  Chicago's 
wealthiest  and  most  conspicuous  citizens,  but 
also  one  of  its  most  useful  ones,  and  few  civic 
enterprises  of  importance  are  undertaken  with- 
out his  co-operation  and  advice.  He  has  traveled 
abroad  extensively,  especially  in  quest  of  addi- 
tions to  the  Art  Institute  and  his  own  private 
collections. 

Mr.  Hutchinson  is  a  member  of  St.  Paul's 
Universalist  Church  and  has  been  the  Superin- 
tendent of  its  Sunday  School  for  twenty-five 
years.  In  1881  he  was  married  to  Frances 
Kinsley,  a  daughter  of  H.  M.  Kinsley. 

C.  JEVNE 

Christian  Jevne  was  born  in  Norway,  Sep- 
tember 13,  1839,  and  died  in  Chicago,  March  17, 
1898.  On  completing  school  in  his  native  town, 
Mr.  Jevne  engaged  in  business  for  several  years 

66 


STATE  BANK  OF  CHICAGO 


and  then  emigrated  to  the  United  States,  arriv- 
ing in  Chicago  in  1864.  Here  he  found  employ- 
ment in  the  wholesale  grocery  house  of  Knowles 
Brothers.  The  following  year  he  embarked  in 
business  on  his  own  account,  soon  afterward 
founding  the  grocery  house  of  C.  Jevne  &  Com- 
pany, which  at  the  time  of  the  Chicago  fire  was 
located  at  No.  1  North  Clark  Street.  In  1878 
the  firm  removed  to  its  present  location  at  No. 
110  Madison  Street. 

Mr.  Jevne  prospered  by  his  close  attention 
to  business  and  keen  insight  into  all  its  details, 
and  at  the  time  of  his  death  was  possessed  of  a 
comfortable  fortune,  and  his  firm  ranked  as  the 
leader  of  its  kind  in  the  city.  In  1893  he  was 
elected  a  director  of  the  State  Bank  of  Chicago, 
and  remained  on  the  board  until  his  death. 

He  was  married  in  1870  to  Clara  Kluge,  and 
was  a  member  of  the  Norwegian  Lutheran 
Church. 

A.  P.  JOHNSON 

Andrew  P.  Johnson  was  born  in  Norway, 
November  22,  1835,  and  after  attending  the 
public  schools,  decided  at  fifteen  years  of  age  to 
emigrate  to  America,  arriving  in  this  country  in 
1850.  After  nine  years  spent  as  a  carpenter 
contractor  in  Boone  County,  Illinois,  he  estab- 

67 


STATE  BANK  OF  CHICAGO 


lished  in  1868  in  Chicago  the  business  which  has 
since  grown  into  the  mammoth  Johnson  Chair 
Company,  one  of  the  largest  enterprises  of  its 
kind  in  the  country,  of  which  he  is  president. 

Mr.  Johnson  has  been  a  director  of  the  State 
Bank  of  Chicago  since  its  incorporation,  and  is 
also  president  of  the  Wicker  Park  Safety  De- 
posit Vault  Company,  and  a  director  of  the 
Asbestos  Sad  Iron  Company  of  Canal  Dover, 
Ohio. 

He  is  a  member  of  the  Wicker  Park  English 
Lutheran  Church  and  chairman  of  its  board  of 
trustees,  one  of  the  founders  of  the  Norwegian 
Old  People's  Home,  and  its  president,  and  a 
leading  man  int  he  Norwegian-American  com- 
munity in  Chicago. 

He  was  married,  in  1871,  to  Martha  Magnu- 
son  Sattre. 

A.  JURGENS 

Axel  M.  Jurgens  was  born  January  15,  1844, 
in  Christiania,  Norway,  and  was  educated  for 
mercantile  life,  to  which  he  devoted  himself  in 
his  native  country  until  the  year  1867,  when  he 
emigrated  to  the  United  States.  In  1868  we  find 
him  as  a  partner  in  the  passage  and  exchange 
business  of  N.  J.  Fleischer,  of  Madison,  Wis- 
consin. In  1871,  together  with  Colonel  George 

68 


STATE  BANK  OF  CHICAGO 


Wilson,  he  established  the  firm  of  Wilson  & 
Jurgens,  of  La  Crosse,  Wisconsin,  which  firm 
engaged  in  the  banking  and  passage  business. 
In  this  business  he  remained  until  his  appoint- 
ment in  1881  as  Western  Passenger  Agent  of  the 
American  Steamship  Line,  with  headquarters 
in  Chicago. 

After  having  occupied  this  position  eleven 
years,  Mr.  Jurgens  found  himself  in  a  position  to 
gratify  his  inclination  to  retire  from  active  busi- 
ness and  return  to  his  native  country,  which  he 
did  in  1892,  and  has  since  then  been  a  resident 
of  Norway  and  Denmark,  his  present  home  being 
in  Copenhagen. 

Mr.  Jurgens  was  a  member  of  the  first  Board 
of  Directors  of  the  State  Bank  of  Chicago. 

He  was  married,  in  1868,  to  Emma  Dahl. 

SAMUEL  E.  KNECHT 

Samuel  E.  Knecht  was  born  February  4, 1862, 
in  Deerfield,  Illinois.  After  a  preliminary  com- 
mon school  and  academic  course  he  entered 
Northwestern  College,  Naperville,  Illinois,  from 
which  he  graduated  in  1886.  He  then  took  up 
the  study  of  law  in  Union  College  of  Law, 
Chicago,  graduating  in  1891,  and  was  admitted 
to  the  bar  in  June,  1891.  After  a  brief  associa- 

69 


STATE  BANK  OF  CHICAGO 


tion  with  the  law  firm  of  Allen  &  Van  Sands,  he 
became  a  member  of  the  firm  of  Knecht  & 
Bullard,  and  later  of  Knecht  &  Day.  In  Janu- 
ary, 1901,  Mr.  Knecht  was  appointed  Secretary 
of  the  State  Bank  of  Chicago,  and  has  since  that 
time  been  in  charge  of  the  Trust  Department  of 
the  bank. 

He  is  a  member  of  the  Chicago  Bar  Associa- 
tion and  treasurer  of  the  Hamilton  Club.  Mr. 
Knecht  was  married  in  1887  to  Mary  E.  Wag- 
goner, of  Lindsey,  Ohio. 

J.  M.  LARIMER 

Joseph  McMasters  Larimer  was  born  in 
Pittsburg,  Pa.,  September  6,  1851,  and  died  in 
Evanston,  Illinois,  August  24,  1894.  He  re- 
ceived his  education  in  Leavenworth,  Kansas, 
and  then  entered  the  Chicago  office  of  Jones  & 
Laughlins  in  1869.  With  this  business  he  was 
identified  the  balance  of  his  life,  rising  from  the 
lowest  positions  to  the  head  of  the  Chicago 
branch.  His  untimely  death  at  the  comparatively 
early  age  of  forty-three  was  not  only  a  great  loss 
to  the  business  and  to  the  State  Bank  of  Chicago, 
but  also  to  the  city  of  Chicago  and  to  Evanston, 
in  which  he  made  his  home.  Mr.  Larimer  will  be 
long  remembered  not  only  for  his  unusual  busi- 
ness ability  and  high  standing  as  a  citizen,  but 

70 


STATE  BANK  OF  CHICAGO 


also  because  of  his  sterling  character  and 
his  genial  nature,  which  made  for  him  a 
friend  of  every  person  with  whom  he  came  in 
contact. 

He  was  a  member  of  the  First  Congregational 
Church  of  Evanston,  and  was  married  in  1876  to 
Fannie  L.  Sherman,  of  Waukegan. 

JOHN  R.  LINDGREN 

John  Richard  Lindgren  was  born  in  Chicago, 
February  20,  1855,  and  was  the  only  son  of  Cap- 
tain Charles  M.  Lindgren,  a  pioneer  citizen  and 
vessel-owner  of  Chicago,  who  died  in  1879.  Mr. 
Lindgren  received  his  education  in  the  public 
and  high  schools  of  Chicago,  and  in  1873  entered 
Yale  College,  but  was  compelled  to  discontinue 
his  studies  there  at  the  end  of  the  first  term  on 
account  of  defective  eye-sight.  Returning  to 
Chicago  he  engaged  for  six  years  in  various  lines 
of  business,  but  most  of  the  time  in  the  vessel 
and  insurance  business,  until  with  H.  A.  Haugan 
he  established  the  banking  firm  of  Haugan  & 
Lindgren  on  December  8,  1879.  To  this  busi- 
ness Mr.  Lindgren  has  since  devoted  his  time 
and  energies.  In  1891  he  was  elected  Cashier 
of  the  State  Bank  of  Chicago  when  the  firm  of 
Haugan  &  Lindgren  was  incorporated  under  this 
style.  He  was  appointed  Vice  Consul  of  Sweden 

71 


STATE  BANK  OF  CHICAGO 


and  Norway  at  Chicago  in  1893  and  continues 
to  occupy  this  office. 

In  1892  he  was  one  of  the  organizers  of  the 
State  Bank  of  Evanston,  Evanston,  Illinois,  and 
served  as  its  first  president  from  1892  to  1894, 
when  retired  at  his  own  request,  remaining  how- 
ever as  a  director  of  the  bank  to  the  present  day. 

Mr.  Lindgren  has  since  1876  made  his  home 
in  Evanston  and  has  taken  an  active  part  in  the 
civic  affairs  of  the  community.  From  1885  to 
1889  he  was  one  of  the  village  trustees,  in  1891 
and  1892  village  treasurer,  and  from  1894  to 
1897  a  school  trustee.  He  has  been  president  of 
the  Evanston  Hospital  Association,  the  Young 
Men's  Christian  Association  of  Evanston,  the 
Evanston  Musical  Club,  and  actively  identified 
with  other  organizations  for  the  public  good. 
He  is  a  trustee  of  Evanston's  leading  institution, 
the  Northwestern  University,  and  also  its  treas- 
urer. 

For  many  years  Mr.  Lindgren  has  held  a 
membership  in  the  Chicago  Board  of  Trade,  as 
well  as  in  the  Chicago  Stock  Exchange.  He  is 
also  a  member  of  the  Union  League  Club  and 
the  Bankers'  Club. 

In  1898  he  was  married  to  Ethel  May  Roe, 
of  Chicago. 


JOHN  R.  LINDGREN 


STATE  BANK  OF  CHICAGO 


WILLIAM  C.  MILLER 

William  C.  Miller  was  born  near  Wheeling, 
Illinois,  July  13,  1875,  and  entered  the  employ 
of  the  State  Bank  of  Chicago  in  1895.  After 
serving  in  various  departments  of  the  bank,  he 
entered  the  Trust  Department  in  1901  and  was 
appointed  assistant  secretary  of  the  bank  in 
January,  1904.  Mr.  Miller  graduated  from  the 
Chicago  Kent  College  of  Law  in  1904  and  was 
admitted  to  the  bar  the  same  year. 

In  1902  he  was  married  to  Frances  Bay  less 
Richards. 

THOMAS  MURDOCH 

Thomas  Murdoch  was  born  in  Forres,  Scot- 
land, in  1829,  the  son  of  John  and  Jane  Nicol 
Murdoch.  After  studying  in  the  Forres  Academy 
and  in  a  private  academy  at  Aberdeen,  Mr. 
Murdoch  emigrated  to  the  United  States,  and 
in  1851  engaged  in  business  in  Buffalo,  New 
York.  Later  he  removed  to  Dubuque,  Iowa, 
where  he  was  engaged  in  the  wholesale  grocery 
business  from  1856  to  1864.  In  1865  he  came 
to  Chicago  and  laid  the  foundations  of  the  pres- 
ent wholesale  grocery  house  of  Reid,  Murdoch 
&  Company,  one  of  the  largest  enterprises  of 
its  kind  in  Chicago  and  the  West. 

73 


STATE  BANK  OF  CHICAGO 


Mr.  Murdoch  is  a  member  of  the  Chicago 
Club,  Calumet  Club,  and  Washington  Park  Club, 
and  of  the  Second  Presbyterian  Church. 

FRANK  I.  PACKARD 

Frank  Irton  Packard  was  born  in  Lynn, 
Massachusetts,  January  21,  1851,  and  attended 
the  public  schools  in  his  native  town.  In  1867 
he  entered  the  employ  of  D.  Lothrop  &  Com- 
pany, publishers,  in  Boston,  and  came  to  Chicago 
in  1869  to  fill  a  position  in  the  Chicago  branch  of 
the  American  Tract  Society  of  New  York. 
Later  he  was  identified  with  Pullman's  Palace 
Car  Company  and  with  Armour  &  Company, 
and  in  1890  entered  the  employ  of  Haugan  & 
Lindgren,  bankers.  In  January,  1894,  he  was 
appointed  assistant  cashier  of  the  bank,  a  posi- 
tion which  he  has  ever  since  filled.  He  is  a 
member  of  the  Congregational  Club  of  Chicago 
and  of  South  Congregational  Church. 

In  1876  he  was  married  at  Chelsea,  Massa- 
chusetts, to  Jennie  Eleanore  Gale. 

P.  S.  PETERSON 

\ 
Peher  Samuel  Peterson,  for  many  years  one 

of  the  leading  Scandinavian  citizens  of  Chicago, 
was  born  in  Sweden,  June  15,  1830,  and   died 

74 


STATE  BANK  OF  CHICAGO 


in  Chicago,  January  19,  1903.  He  was  a  direc- 
tor of  the  State  Bank  of  Chicago  from  its  incor- 
poration, in  1891,  until  1898,  when  he  retired  on 
account  of  failing  health. 

Leaving  his  native  land  at  the  age  of  twenty- 
one  he  came  first  to  Toronto,  Canada,  but  soon 
saw  that  in  the  United  States  lay  greater  oppor- 
tunities for  success,  and  went  to  Rochester,  New 
York,  the  center  of  the  nursery  interests  of  the 
country. 

In  1854  he  came  to  Chicago,  and  after  a  year 
or  two  of  labor  for  others  he  commenced  work- 
ing for  himself  in  1856,  and  laid  the  foundation 
for  the  great  business  of  his  life — the  Peterson 
Nursery,  which  has  grown  from  its  small  begin- 
ning to  the  proportions  of  being  the  largest  of 
its  kind  in  the  United  States.  Commencing  on 
a  small  tract  of  rented  land,  additions  were  made 
through  the  course  of  years  until  it  now  com- 
prises nearly  five  hundred  acres. 

For  many  years  he  was  a  stockholder  in  the 
Illinois  Trust  &  Savings  Bank,  and  at  his  death 
was  a  member  of  the  Union  League  Club  and 
the  Germania  Club,  and  was  a  trustee  of  the 
Bowmanville  Congregational  Church.  On  ac- 
count of  numerous  benefactions  to  public 
institutions  in  his  native  country,  the  king  of 
Sweden  created  Mr.  Peterson  a  Knight  of  the 

75 


STATE  BANK  OF  CHICAGO 


Order  of  Vasa,  and  he  was  also  honored  by 
membership  in  many  horticultural  societies  at 
home  and  abroad.  In  1865  he  married  Mary 
Gage  of  Boston. 

WILLIAM  A.  PETERSON 

William  A.  Peterson  was  born  in  Chicago, 
April  29,  1867,  in  the  family  residence  at  the 
corner  of  Lincoln  and  Peterson  avenues,  which 
has  ever  since  been  his  home.  His  father  was 
P.  S.  Peterson,  for  many  years  a  director  of  the 
State  Bank  of  Chicago.  After  graduating  from 
the  Evanston  High  School,  and  studying  abroad 
for  a  time,  Mr.  Peterson  entered  his  father's 
office  in  1885.  Ten  years  later  he  became  man- 
ager of  his  father's  large  interests,  and  since  his 
father's  death,  in  1903,  he  has  been  the  sole  pro- 
prietor of  the  Peterson  Nursery. 

He  has  a  thorough  technical  knowledge  of  his 
business,  and  one  of  his  chief  treasures  is  a  library 
of  some  4,000  volumes,  including  old  manuscripts 
and  rare  first  editions  in  English,  Latin,  French, 
German,  and  the  Scandinavian  languages.  To 
this  booklore  he  has  supplemented  extensive 
travels,  gaining  a  familiarity  with  the  best  ex- 
amples of  European  landscape  art  through  visits 
to  the  court  gardens  at  Potsdam  and  St.  Peters- 
burg, the  men  in  charge  of  which  were  asso- 

76 


STATE  BANK  OF  CHICAGO 


ciated  with  his  father  in  the  early  days  at  Louis 
Van  Houtte's,  at  Ghent.  Possibly  Mr.  Peter- 
son's work  with  the  peony  has  contributed  as 
much  as  any  one  thing  to  his  reputation  for 
horticultural  erudition. 

Mr.  Peterson  is  a  member  of  the  Union 
League,  Caxton,  Oconto  Golf,  and  Island 
Heights  (N.  J.)  Yacht  Club;  and  is  a  member 
and  trustee  of  the  Bowmanville  Congregational 
Church  of  Chicago. 

In  1892  he  was  married  to  Mary  Hill. 

GEORGE  E.  RICKCORDS 

George  Edward  Rickcords  was  born  in  New 
York,  November  29,  1845,  and  after  receiving  an 
academic  education  entered  business  life  in 
Buffalo  in  1865. 

In  1867  Mr.  Rickcords  came  to  Chicago,  and 
in  1881  became  a  member  of  the  abstract  firm 
of  Haddock,  Valette  &  Rickcords,  which  was 
incorporated  in  1895  as  the  Security  Title  & 
Trust  Company  of  which  Mr.  Rickcords  was 
the  president  until  the  company  was  merged  in 
1901  with  the  present  Chicago  Title  &  Trust 
Company,  of  which  Mr.  Rickcords  is  a  director. 
He  is  also  the  president  of  the  Lake  County 
Title  &  Trust  Company  of  Waukegan,  Illinois. 

77 


STATE  BANK  OF  CHICAGO 


Practically  his  whole  business  life  has  been  spent 
in  the  business  of  making  abstracts  of  title,  in 
which  business  he  has  been  very  successful  and 
is  an  authority. 

Mr.  Rickcords  is  a  member  of  the  Union 
League  Club,  the  Marquette  Club,  and  the 
Fourth  Presbyterian  Church,  and  resides  in 
Chicago  during  the  winter  and  in  summer  at 
Delavan  Lake,  Wisconsin,  where  he  owns  one 
of  the  finest  summer  homes  in  Wisconsin. 

He  was  married,  in  1875,  to  Adelaide  E. 
Stanley. 

M.  J.  WENTWORTH 

Moses  Jones  Wentworth  was  born  May  9, 
1848,  in  Sandwich,  New  Hampshire,  the  son  of 
Joseph  and  Sarah  P.  Wentworth,  his  father  being 
the  brother  of  Chicago's  famous  pioneer,  John 
Wentworth.  After  graduating  from  Harvard 
University  in  1868,  Mr.  Wentworth  entered  the 
Union  College  of  Law,  Chicago,  from  which  he 
graduated  and  was  admitted  to  the  Illinois  bar. 
He  has,  however,  never  engaged  in  the  practice 
of  law,  his  time  being  wholly  occupied  with  the 
management  of  his  own  interests. 

In  1868  Mr.  Wentworth  entered  the  office  of 
his  uncle,  and  at  the  death  of  John  Wentworth 
was  made  sole  trustee  of  his  estate. 

78 


THOMAS  MURDOCH 
GEORGE    E.    RICKCORDS 


WILLIAM  A.   PETERSON 
MOSES  J.   WENTWORTH 


STATE  BANK  OF  CHICAGO 


Mr.  Wentworth  was  a  member  of  the  House  of 
Representatives  of  the  Twenty-ninth,  Thirtieth, 
and  Thirty-first  General  Assemblies  of  the  State 
of  Illinois.  On  frequent  occasions  he  has  been 
offered  higher  political  honors,  which  he  has, 
however,  declined. 

Mr.  Wentworth  is  a  director  of  the  Merchants' 
Loan  &  Trust  Company  Bank,  a  trustee  of  the 
Newberry  Library,  and  a  member  of  the  Soci- 
ety of  Colonial  Wars,  and  of  the  University  and 
Calumet  clubs. 

In  1891  he  was  married  to  Lizzie  Shaw  Hunt, 
of  Chicago. 


79 


CHAPTER   VII 


STOCKHOLDERS 

OF   THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  8,  1904 


ANDERSON,  JOHN 
ANDERSON,  WILLIAM 
ARMSTRONG,  FRANK  H. 
BAKER,  FRANK  H. 
BARKER,  D.  N. 
BECKER,  A.  G. 
BECKER,  MRS.  KATE  F. 
BENDIXEN,  VICTOR  F. 
BRADLEY,  J.  W. 
BRADLEY,  MRS.  MARIE  H. 
BRAY,  J.  M. 
BRYNTESON,  JOHN 
CHOATE,  LEANDER 
CHYTRAUS,  AXEL 
Cox,  R.  S. 

CREMER,  MRS.  MARY 
CROCKER,  J.  T. 
DAU,  J.  J. 
DENEEN,  CHAS.  S. 
DOLE,  JOHN  N. 
DURAND,  MRS.  ANNIE  W. 
DURAND,  CALVIN 
DWIGHT,  JOHN  H. 


ELPHICKE,  CHAS.  W. 
FOSTER,  GEORGE  A. 
FOSTER,  MRS.  MARY  S. 
FREEMAN,  THEODORE 
GADSDEN,  JAS.  S. 
GORHAM,  CHARLES  T. 
GORHAM,  MRS.  ELIZA  B. 
GORHAM,  J.  D. 
HAUGAN,  MRS.  CLARA  C. 
HAUGAN,  H.  A. 
HAUGAN,  H.  G. 
HAYES,  FRANK 
HENSCHEN,  HENRY  S. 
HOAG,  WILLIAM  G. 
HOOKER,  HENRY  M. 
HOTCHKISS,  WALTER  B. 
HUTCHINSON,  CHAS.  L. 
ILLINOIS  TRUST  &  SAVINGS 

BANK,  Trustee 
JEVNE,  Miss  ALMA  M. 
JEVNE,  MRS.  CLARA 
JEVNE,  HENRY  M. 
JOHNSON,  A.  P. 
80 


STATE  BANK  OF  CHICAGO 


JOHNSON,  DR.  CLAES  W. 
JOHNSON,  MBS.  ELINE  T. 
JOHNSON,  NELS 
KOHLSAAT,  H.  H. 
KROPF,  OSWALD  F. 
LANQUIST,  ANDREW 
LARIMER,  MRS.  FANNIE  L. 
LAY,  ALBERT  T. 
LINDGREN,  JOHN  R. 
LINN,  JOHN  A. 
LOESCH,  FRANK  J. 
LOVEJOY,  A.  P. 
MATTHEWS,  CHARLES 
MERRILL,  FRED  F. 
MERRILL,  MRS.  MARY  E. 
MIDDLETON,  MRS.  H.  H. 
MILLER,  H.  H.  C. 
MILLER,  MRS.  HELEN  LARIMER 


MITCHELL,  JOHN  J. 
MOORE,  JAMES  H. 
MOUNTAIN,  MRS.  MATHILDA  C. 
MURDOCH,  THOMAS 
ORR,  ARTHUR 
PACKARD,  FRANK  I. 
PETERSON,  WM.  A. 
QUINLAN,  EDWARD  B.,  Trustee 
RICKCORDS,  GEO.  E. 
ROOD,  JAMES 
SHAW,  THEODORE  A.,  JR. 
SHERMAN,  MRS.  LIZZIE  N. 
SIMONSEN,  NELS  E. 
STEENSLAND,  HALLE 
SULLIVAN,  THOS.  E. 
WENTWORTH,  MOSES  J. 
WEST,  MRS.  LOUISA  O. 
WEST,  ROY  O. 


OFFICERS  AND   EMPLOYEES   OF   THE 
STATE   BANK   OF   CHICAGO 


DECEMBER  8,  1904 


Name 

ANDERSEN,  CHRISTIAN 
ANDERSON,  JOHN  H. 
AYRES,  ERNEST    .     . 
BABCOCK,  EDW.  C.  . 
BEDDOME,  CECIL  H. 
BROCK,  COLLINS  J. 
BROCK,  PETER  J.      .     . 
BYE,  ELMER  C.    .     . 


Entered 
Position  Service 

Bookkeeper 1903 

Special  Officer  ....  1894 
Clerk  Real  Estate  Loan  Dept.  1901 
General  Bookkeeper  .  .  .  1901 
Assistant  Paying  Teller  .  .  1898 

Bookkeeper 1901 

Bookkeeper  Trust  Dept.      .     1901 
Clerk  Real  Estate  Loan  Dept.  1887 
81 


STATE  BANK  OF  CHICAGO 


Entered 

Name  Position  Service 

CARLON,  WILLIAM    .     .     .  Clearing  House  Clerk      .     .  1901 

CARLSON,  C.  EDWARD  .     .  Manager  Foreign  Dept.      .  1896 

CALDWELL,  WALTER  EARL  Messenger 1903 

Cox,  WALTER  J.     .     .     .  Discount  Teller     ....  1900 

COLBURG,  J.  A Special  Officer       ....  1901 

CRAIG,  CHAS.  C.      .     .     .  Filing  Clerk 1904 

DELVES,  FRANK  ....  Bookkeeper 1900 

DWIGHT,  JOHN  H.    .     .     .  Vice-President 1891 

ECKSTORM,  PAUL  F.  T.      .  Bookkeeper 1902 

ERICKSON,  THOR  H.     .     .  Bookkeeper 1904 

FEGTLT,  SAM'L  M.   .     .     .  Attorney 1901 

FINK,  GEO.  E Trust  Dept.  Clerk      .     .     .  1901 

FORRET,  FRANK  M.      .     .  Credit  Dept 1894 

GASCON,  CHAS.  P.    ...  Transit  Dept.  Clerk  .     .     .  1903 

GREEN,  BENJ Real  Estate  Inspector      .     .  1897 

GRIFFITH,  CHESTER  A.     .  Transit  Dept.  Clerk    .     .     .  1902 

GROSSTEPHAN,  ANDREW  R.  Consulate  Secretary    .     .     .  1899 

GUNDERSON,  GEO.  M.       .  Asst.  Collection  Teller     .     .  1903 

HANSON,  CHRISTIAN  H.    .  Savings  Dept.  Teller      .     .  1891 

HAUGAN,  H.  A President 1879 

HAUGAN,  H.  A.,  JR.      .     .  Credit  Dept 1903 

HAUGAN,  OSCAR  H.      .     .  Mgr.  Real  Est.  Loan  Dept.  1893 

HAUGEN,  OLJVE  A.  ...  Stenographer 1903 

HAYES,  HENRY     ....  Teller  Real  Est.  Loan  Dept.  1899 

HELANDER,  WM.      .     .     .  Bookkeeper       1902 

HEXSCHEN,  HENRY  S.  .     .  Assistant  Cashier  ....  1889 

HENSCHEN,  GUSTAVE  E.   .  Transit  Dept.  Clerk    .     .     .  1898 

HOEBEL,  FRED  C.    .     .     .  Transit  Dept.  Clerk    .     .     .  1900 

HOLDREGE,  MYRTON  J.      .  Statement  Clerk     ....  1903 

ILIFF,  GEO.  F Messenger 1904 

JOHNSON,  CYRUS  C.      .     .  Teller  Foreign  Dept.       .     .  1894 

82 


STATE  BANK  OF  CHICAGO 


Entered 

Name  Position                            Service 

JONES,  SVEN  J Paying  Teller 1880 

KEMP,  FRED Statement  Clerk     ....  1904 

KNECHT,  SAM'L  E.   .     .     .     Secretary 1901 

KOHTZ,  RUDOLPH  O.    .     .     Bookkeeper 1897 

LEACH,  W.  CLARENCE  .     .     Stenographer 1904 

LINDBLAD,  ARTHUR  S.      .  Statement  Clerk     ....  1901 

LINDGREN,  JOHN  R.      .     .     Cashier 1879 

LINDWALL,  KARL  GUSTAF  Bookkeeper  Foreign  Dept.  .  1903 

LOTHES,  CLARA  C.  .     .     .     Stenographer 1904 

LUTZ,  NELSON  H.     .     .     .  Clearing  House  Clerk     .     .  1900 

McAvoy,  HARRY  F.      .     .  Clearing  House  Clerk      .     .  1903 

MALMGREN,  VICTOR  T.     .  Savings  Dept.  Teller       .     .  1901 

MALMQUIST,  AUGUST    .     .  Night  Watchman  ....  1903 

MAY,  ARTHUR  W.    .     .     .     Bookkeeper 1904 

MILLER,  WILLIAM  C.    .     .     Asst.  Secretary 1895 

MODRA,  JOSEPH  M.      .     .  Receiving  Teller    ....  1900 

NETTELHORST,  Louis    .     .  Clearing  House  Clerk      .     .  1903 

NEWTON,  JERVTS  O.      .     .     Chief  Clerk 1903 

OLSON,  JOSEPH  E.   .     .     .  Receiving  Teller     .     .     .     .  1901 

PACKARD,  FRANK  I.      .     .    Asst.  Cashier 1890 

PETERSON,  JESSIE     .     .     .  Telephone  Operator  .     .     .  1901 

RASTALL,  ERNEST  S.     .     .    General  Clerk 1903 

ROESCH,  WM.  H.      .     .     .     Draft  Clerk 1903 

RUSSELL,  GEO.  W.   .     .     .  CollectorReal  Est.  Loan  Dept.  1901 

SLIGHTER,  ALBERT  P.    .     .     Bookkeeper 1899 

STOETZEL,  WALTER  L.       .     Filing  Clerk 1904 

TURNBLOOM,  ERNEST  F.    .  Asst.  Receiving  Teller     .     .  1899 

VOELCKER,  EDWARD      .     .     Messenger 1904 

WALQUIST,  DAVID  E.    .     .  Transit  Dept.  Clerk    .     .     .  1904 

WERNECKE,  FRED  C.,  JR.  Collection  Teller    ....  1901 


83 


STATE  BANK  OF  CHICAGO 


MEMBERS   OF  CHICAGO  CLEARING  HOUSE 
DECEMBER  8,  1904 

1.  FIRST  NATIONAL  BANK. 

3.  COMMERCIAL  NATIONAL  BANK 

4.  MERCHANTS'  LOAN  &  TRUST  COMPANY 

5.  CORN  EXCHANGE  NATIONAL  BANK 

7.  HIBERNIAN  BANKING  ASSOCIATION 

8.  BANK  OF  MONTREAL 

9.  UNION  TRUST  COMPANY 

10.  CHICAGO  NATIONAL  BANK 

11.  CONTINENTAL  NATIONAL  BANK 
1?.  FORT  DEARBORN  NATIONAL  BANK 

13.  NATIONAL  BANK  OF  THE  REPUBLIC 

14.  BANKERS'  NATIONAL  BANK 

15.  NORTHERN  TRUST  COMPANY 

16.  ILLINOIS  TRUST  &  SAVINGS  BANK 

17.  AMERICAN  TRUST  &  SAVINGS  BANK 

18.  STATE  BANK  OF  CHICAGO 

SO.  ASSISTANT  TREASURER  OF  THE  UNITED  STATES 

DEPOSITS  OF  THE  STATE  BANKS  OF 

THE  CITY  OF  CHICAGO 

Ox  DECEMBER  31 

Savings  Individual  Bank  Total 

1890  12,353,088  20,553,656  2,847,110  35,753,854 

1891  14,477,485  25,787,189  4,177,725  44,442,399 

1892  19,513,370  33,834.421  5,015,435  58,363,226 

1893  15,867,279  35,430,100  5,557,105  56,854,484 

1894  18,600,833  41,046,773  7,414,461  67,062,067 

1895  22,316,714  40,359,011  10,011,165  72,686,890 

84 


STATE 

BANK  OF 

CHICAGO 

Savings 

Individual 

Bank 

Total 

1896 

20,949,874 

38,130,846 

7,882,625 

66,963,34.3 

1897 

24,987,191 

53,403,630 

12,111,888 

90,502,701 

1898 

33,293,521 

66,509,834 

14,155,049 

113,958,404 

1899 

44,190,647 

71,855,981 

13,964,848 

130,011,476 

1900 

55,528,282 

82,007,293 

18,542,193 

156,077,768 

1901 

68,771,220 

88,608,482 

24,120,335 

181,500,037 

1902 

89,929,574 

99,005,096 

25,055,586 

213,990,256 

1903 

109,005,116 

96,135,822 

25,730,637 

230,871,575 

1904 

123,216,267 

139,581,896 

30,694,288 

292,492,451 

DEPOSITS  OF  THE  NATIONAL  BANKS  OF 

THE  CITY  OF  CHICAGO 

ON  DECEMBER  31 


Individual 

Bank 

Total 

1890 

54,467,800 

40,003,000 

94,470,800 

1891 

67,193,000 

50,961,700 

118,154,700 

1892 

77,216,858 

52,841,692 

130,058,550 

1893 

70,176,048 

52,178,083 

122,354,131 

1894 

69,815,770 

59,810,883 

129,626,653 

1895 

69,128,946 

51,576,623 

120,705,569 

1896 

61,070,143 

49,228,226 

110,298,369 

1897 

75,848,479 

74,153,592 

150,042,071 

1898 

94,188,231 

93,942,912 

188,131,143 

1899 

102,267,521 

92,876,842 

195,144,383 

1900 

111,158,975 

121,009,050 

232,168,025 

1901 

127,513,910 

134,708,458 

262,222,368 

1902 

130,796,294 

133,457,216 

264,253,510 

1903 

134,195,906 

127,952,616 

262,148,522 

1904 

151,288,329 

148,330,817 

299,619,146 

85 

STATE  BANK  OF  CHICAGO 


STATEMENT  OF  THE  CONDITION  OF 

HAUGAN  &  LINDGREN, 

BANKERS 

AT  THE  CLOSE  OF  BUSINESS 

DECEMBER  31,  1890 
RESOURCES 

Loans  and  discounts $584,396.83 

Bonds 3,659.30 

Furniture  and  fixtures 5,000.00 

Real  estate 4,500.00 

Land  scrip 4,800.00 

Due  from  banks  and 

bankers $342,184.71 

Cash  on  hand 90,000.27 

(Total  cash  resources) 432,184.98 

$1,034,541.11 

LIABILITIES 

Capital  paid  in $200,000.00 

Undivided  profits 2,794.00 

Demand  deposits $367,983.96 

Time  deposits 463,763.15  831,747.11 

$1,034,541.11 


86 


STATE  BANK  OF  CHICAGO 


State  of  Illinois, 
County  of  Cook, 

We,  the  undersigned,  Helge  A.  Haugan  and  John  R. 
Lindgren,  do  solemnly  swear  that  the  above  statement 
is  true  to  the  best  of  our  knowledge  and  belief. 

HELGE  A.  HAUGAN. 
JOHN  R.  LINDGREN. 

Subscribed  and  sworn  to  before  me  this  first  day  of 
January,  1891. 

[SEAL]  FRANK  I.  PACKARD,  Notary  Public. 

CHICAGO,  ILL.,  Jan.  1,  1891. 

I  have  this  day  made  an  examination  of  the  books  and 
accounts  of  Haugan  &  Lindgren,  and  find  them  to  corres- 
pond with  the  above  statement.  I  find  the  "cash  on 
hand  "  correct.  The  general  character  of  the  "  loans  and 
discounts"  appears  excellent.  Amount  due  from  banks 
and  bankers  correct,  the  greater  portion  verified  by  state- 
ments from  such  banks.  These  banks  are  in  high  credit 
and  standing.  General  business  of  the  firm  appears  to 
be  in  excellent  condition  and  order,  and  assets  legitimate. 

JAMES  D.  STURGES, 
Examiner  of  National  Banks. 


87 


STATE  BANK  OF  CHICAGO 


CONDENSED    REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  4,  1899 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $3,785,175.32 

Overdrafts 641.70 

Bonds 412,056.54 

Cash  and  due  from  banks.  .  1,331,877.77 


$5,529,751.33 

LIABILITIES 

Capital  stock $500,000.00 

Surplus 200,000.00 

Undivided  profits 133,333.24 

Dividends  unpaid 15.00 

Deposits 4,696,403.09 

$5,529,751.33 

CONDENSED  REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  14,  1900 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $5,107,771.80 

Overdrafts 922.24 

Bonds 557,616.41 

Cash  and  due  from  banks 2,337,505.24 

$8,003,815.69 
88 


STATE  BANK  OF  CHICAGO 


LIABILITIES 

Capital  stock $1,000,000.00 

Undivided  profits 163,301.45 

Deposits 6,840,514.24 

$8,003,815.69 


CONDENSED   REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  11,  1901 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $7,443,161.70 

Overdrafts 1,930.66 

Bonds 607,802.99 

Cash  and  due  from  banks 2,651,965.76 


$10,704,861.11 

LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 100,000.00 

Undivided  profits 130,903.81 

Dividends  unpaid 105.00 

Deposits 9,473,852.30 

$10,704,861.11 


89 


STATE  BANK  OF  CHICAGO 


CONDENSED   REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  22,  1902 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $8,074,030.12 

Overdrafts 1,184.35 

Bonds 587,050.13 

Cash  and  due  from  banks 2,761,811.45 


$11,424,076.05 

LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 200,000.00 

Undivided  profits 131,444.33 

Dividends  unpaid 75.00 

Deposits 10,092,556.72 

$11,424,076.05 
CONDENSED   REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  30,  1903 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $8,367,310.19 

Overdrafts 7,290.99 

Bonds 703,292.90 

Cash  and  due  from  banks 3,494,075.30 


$12,571,969.38 
90 


STATE  BANK  OF  CHICAGO 


LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 200,000.00 

Undivided  profits 248,017.93 

Deposits 11,123,951.45 

$12,571,969.38 


CONDENSED  REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

NOVEMBER  11,  1904 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $9,662,600.02 

Overdrafts 5,224.12 

Bonds 947,799.52 

Cash  and  due  from  banks 3,131,418.94 


$13,747,042.60 

LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 400,000.00 

Undivided  profits 147,164.48 

Dividends  unpaid 30.00 

Deposits 12,199,848.12 

$13,747,042.60 


91 


STATE  BANK  OF  CHICAGO 


CONDENSED    REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

DECEMBER  8,  1904 
(TWENTY-FIFTH  ANNIVERSARY) 

RESOURCES 

Loans  and  discounts $9,749,083.66 

Overdrafts 6,250.41 

Bonds 890,624.12 

Cash  and  due  from  banks 3,359,744.76 


$14,005,702.95 

LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 400,000.00 

Undivided  profits 156,615.14 

Dividends  unpaid 30.00 

Deposits 12,449,057.81 

$14,005,702.95 


92 


STATE  BANK  OF  CHICAGO 


CONDENSED    REPORT 

OF  THE 

STATE  BANK  OF  CHICAGO 

JANUARY  12,  1905 

AS  MADE  TO  STATE  AUDITOR 
RESOURCES 

Loans  and  discounts $9,967,729.81 

Overdrafts 1,049.41 

Bonds 990,293.83 

Cash  and  due  from  banks 3,443,884.34 


$14,402,957.39 

LIABILITIES 

Capital  stock $1,000,000.00 

Surplus 500,000.00 

Undivided  profits 73,124.71 

Dividends  unpaid 330.00 

Deposits 12,829,502.68 

$14,402,957.39 


93 


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